Retail giant Wesfarmers has revealed that the £10 billion super home it is building will be worth up to £1 billion to the country in the next 20 years.
The development is the first of its kind in Britain and the first in the UK to be constructed in partnership with an individual owner.
The $9.5 billion project has been in the works for almost a year.
Wesfarmer chairman Peter Lippke said the new project will be a “massive step forward” for the country’s property sector and a “new chapter” in the history of Britain’s property market.
The company plans to spend $10 billion to build a “world-class home for the 21st century”.
In addition to its headquarters in the US, the company is also set to open a new store in Hong Kong.
The proposed development will see the construction of two buildings with the first being a luxury residence in the city’s Pearl Street, a development that has attracted much attention.
The second project is the largest residential development in the country, with an estimated capacity of 2,300 dwellings.
Wesfielders has been looking to build its first super home since 2011.
The developer has spent the past six years on a series of big-ticket projects that included a major new golf course and a new supermarket in New South Wales.
Mr Lippka said the development in Sydney, which has a population of about 500,000 people, was a “great milestone” for Australian property and was a key step towards achieving the “perfect house for the modern economy”.
“It is a massive step forward for the Australian property sector, and a great milestone for Sydneysiders,” he said.
“We have built a brand new home in Australia and now we are turning our attention to the next major project that will drive the Australian home market to a new heights.”
Mr Luff said the project would not be a simple process of building.
“The initial build is about 15 years and we will be working on a very large project over the next two years,” he added.
Mr Ricketts said he was confident that the new house would be “a great success”. “
That means a lot of construction time, which is not ideal, but we have built the infrastructure that we need to build that building.”
Mr Ricketts said he was confident that the new house would be “a great success”.
He said the $10.6 billion super house was “built with a whole-hearted commitment to the Australian community”.
“We will continue to do our utmost to make this a world-class residential project,” he told ABC News.
The project is a major part of Wesfarm’s plan to transform Sydney into the world’s most exciting, innovative, and sustainable city.
Mr Rickets said the company would “deliver on all of the expectations that have been placed on us” as it works to build the “ultimate home”.