Sydney based apartment developer Crown International Group has purchased its second Parramatta site from Becton Property Group for $15 million. The site is located at 45 Macquarie Street, in the heart of Parramatta’s CBD, close to the shops and amenities of the city and Parramatta Park.

The purchase follows the completion of the developer’s $120 million Gallery development (pictured below) on Cowper Street last month, which has become a landmark development for Parramatta. Keen to capitalise on the success of the building, which sold over 90 per cent of the 246 apartments prior to completion, the new project will follow a similar model.

“We are thrilled to have purchased our second Parramatta site and look forward to building on the success of Gallery which has become one of the city’s most recognisable landmarks. The purchase was made as a strategic landholding and the investment reflects Crown’s long term commitment to the Parramatta market as one of Sydney’s key growth areas,” Iwan Sunito, CEO of Crown International Group, said.

Crown is one of the few developers able to forge ahead with acquisitions and developments in the current market. The company was formed in 1996 by Iwan Sunito and Paul Sathio and now has a development pipeline in excess of $1 billion. By the end of 2009, Crown will have released over $250 million worth of residential accommodation this year.