Downsizer demand for Double Bay's premium property market has seen the apartment record smashed for the second time in less than a month by a $13.75 million sale in the 1788 Residences development.
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Late on Thursday a buyer exchanged on the sub-penthouse on level five of the Bates Smart-designed project thanks to an amalgamation of two apartments into a single unit
It tops the $10.5 million record of just a month ago when the smaller 180-square-metre penthouse sold on the day of the VIP launch to a local buyer.
CBRE director Ben Stewart said the sub-penthouse amalgamation covers 295 square metres, which equates to $46,610 per square metre.
The penthouse equated to a bullish rate of $58,333 per square metre.
The SJD Group development also secured the suburb's third highest apartment sale on the day of the launch when another eastern suburbs local paid $9.6 million for an apartment on level three.
Double Bay's status as a premium downsizer destination has fuelled demand for luxury apartment sites among developers in recent years.
SJD Group is headed by Shanghai developer Shi Jiandong, who bought the Cross Street site from the Rich Lister Roche family late last year for $54.6 million. The company added the site next door in July for $45 million when it was sold by the wealthy, dry cleaning business-owning Eisman family.
Before the 1788 sales, Double Bay's highest apartment sale was $8.9 million, set in 2014 when the penthouse of the Chancellor sold to Lynette Harvey, former wife of retail billionaire Gerry Harvey.
There are 15 apartments left to be sold of the 31 on offer in 1788, which is due to be complete by early 2019.
