NSW Government Accelerates Iwan Sunito's AUD 2.5 Billion Five Dock Project
Jakarta (ANTARA) - The Government of New South Wales (NSW), Australia, has designated the Five Dock development proposal on Spencer Street submitted by One Global Capital as a State Significant Development (SSD) through the Housing Delivery Authority (HDA) pathway, paving the way for the accelerated delivery of a mixed-use project worth approximately AUD1.9 billion, or around Rp25 trillion.
The designation places the Five Dock project among the priority developments supporting increased housing supply in New South Wales. The project, led by Indonesian businessman Iwan Sunito, is projected to become one of the largest mixed-use developments currently underway in the state.
Through the HDA pathway, the Five Dock project has the opportunity to increase its Floor Space Ratio (FSR) to approximately 5.7:1 from the previous baseline of 3.0:1. On land of around 14,100 square metres, the potential Gross Floor Area (GFA) rises from approximately 42,300 square metres to 80,400 square metres.
The Five Dock masterplan includes the construction of around 840 residential units, a hotel, commercial and retail areas, public spaces, pedestrian connectivity, and affordable housing components to support the NSW Government’s housing provision programme.
Iwan Sunito, Founder and Group CEO of One Global Capital, said the designation was recognition of the quality of the proposal and the company’s readiness to develop a precinct of city scale.
“This decision is a form of recognition of the quality of the proposal, the project’s readiness, and One Global Capital’s capability to design and realise city-scale developments that can deliver long-term economic and social benefits to the community,” said Iwan in a statement in Jakarta on Friday.
He said Five Dock marks a new milestone for One Global Capital in developing an integrated precinct that combines housing, hospitality, commercial space, and public space within a single urban ecosystem.
In its development, One Global Capital has partnered with international architect Koichi Takada to design the precinct with an approach emphasising user experience, public space, and environmental sustainability.
According to Iwan, the Five Dock concept focuses not only on building construction but also on creating a community that supports residents’ activities through the integration of housing, business spaces, public facilities, green areas, and precinct connectivity.
“For more than 25 years we have helped build various parts of the Sydney skyline. Now we want to go further — not merely building buildings, but building a living community,” he said.
Five Dock is the largest project led by Iwan Sunito since his career began in Australia, and forms part of One Global Capital’s transformation into an investment, property development, hospitality, and asset management platform focused on integrated precinct development and long-term assets.
One Global Capital currently manages a number of strategic assets and projects in Sydney, including The Grand Eastlakes Shopping Centre, One Global Resorts Green Square, One Macquarie Park, and the Five Dock Precinct.