Buyers have been drawn to a new eight-storey apartment block in the Gungahlin town centre with a quarter of dwellings sold on the first day of release.
The Uptown development was released to the market on Saturday and 25 per cent of the 128 apartments were snapped up by predominantly Gungahlin-based buyers.
The development, on Hinder Street, is one of a number of tall projects planned for the town centre in the next couple of years.
A proposal a few blocks away for three towers of 22, 20 and 19 storeys is before the ACT Planning and Land Authority.
LJ Hooker Project Marketing agent Keenan Veraar said it had been a few years since a new off-the-plan project had been released in the town centre.
The ACT government has focused on releasing land along the light rail corridor of Flemington Road and sold the final blocks to developers almost a year ago.
In total the Land Development Agency sold 32 sites along the road for more than $91 million.
Mr Veraar said first home buyers, investors and downsizers had purchased into the Uptown development.
“It was flat out, we probably had 100 groups through and sold 25 per cent of the whole development,” he said.
“It’s mainly due to the fact there hasn’t been a new release in the Gungahlin town centre for years.”
The developers behind Uptown are also behind the luxury Azure project at the Kingston Foreshore.
There are 16 different floor plans available and the apartment building will also have retail on the ground floor and a child care centre.
It will be located about 150 metres from the proposed light rail terminal at Gungahlin Place.
Mr Veraar said there would be spectacular views from the high apartments which was not something often associated with properties in Gungahlin.
Construction on the project is anticipated to begin in September this year with a completion date in the second quarter of 2017.
It is expected that another 200 apartments will be released in the town centre later this year or in the first half of 2016 in the Central Park Gungahlin development.
Local developers Geocon will construct three separate towers with more than 600 units combined on the land surrounded by Anthony Rolfe Avenue, Gundaroo Drive and Gribble Street.
A spokesman from the ACT Planning and Land Authority said the three development applications were still being considered by the authority.
The three towers if approved will be more than double the size of the Uptown development.
A development application was also lodged with ACTPLA in May for a 155-unit development of two seven and 14-storey buildings.