NSW Government Accelerates Iwan Sunito's AUD 2.5 Billion Five Dock Project

The New South Wales (NSW) Government has designated the Five Dock mixed-use development, spearheaded by Indonesian entrepreneur Iwan Sunito’s One Global Capital, as a State Significant Development (SSD), paving the way for the acceleration of the project valued at approximately AUD 1.9 billion. The decision, made through the Housing Delivery Authority (HDA) pathway, positions the Spencer Street proposal as a priority development supporting the state’s housing supply objectives. The SSD status allows for an increase in the Floor Space Ratio (FSR) to approximately 5.7:1 from the previous base of 3.0:1. On the 14,100 square metre site, the potential Gross Floor Area (GFA) will rise from around 42,300 square metres to 80,400 square metres. The masterplan for Five Dock includes the construction of roughly 840 residential units, a hotel, commercial and retail spaces, public areas, pedestrian connectivity, and affordable housing components. Founder and Group CEO of One Global Capital, Iwan Sunito, stated that the designation is a recognition of the proposal’s quality and the company’s readiness to deliver a city-scale precinct. He noted that the project represents a new milestone for the company in creating an integrated ecosystem combining residential, hospitality, commercial, and public spaces. The development has engaged international architect Koichi Takada to design the precinct with a focus on user experience, public spaces, and environmental sustainability. Sunito emphasised that the vision extends beyond constructing buildings to creating a living community through the integration of housing, business spaces, public facilities, green areas, and regional connectivity. The Five Dock project is the largest undertaken 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 precincts and long-term assets. The company currently manages several strategic assets and projects in Sydney, including The Grand Eastlakes Shopping Centre, One Global Resorts Green Square, and One Macquarie Park.