The Sydney Water Board site in the CBD will welcome what is touted to be the tallest residential tower in the city at 240 metres which will be Chinese developers Greenland Group's first foray into the Australian market.

Architecture and Design reported in July 2012 that the building has been designed by KANNFINCH on behalf of Brookfield and a stage 1 DA and concept design has been prepared for the site.

Greenland purchased the land for $110 million with the development of the 400 plus new apartments expected to cost $600 million.

The mixed use project, on a 4,000 metre squared site, proposes a retail and commercial podium at the base of up to 70 residential levels (approximately 420 apartments) together with the integration with and adaptive reuse of the State heritage listed adjoining building at 339 Pitt Street.

KANNFINCH said that a key challenge in the design process has been in the structural engineering of what will be Australia’s most slender tower. One of the design features is the floor-plate layout, which allows all apartments to have access to direct northern sun and views.

News.com reported that the Retail Property Association of Canada former CEO Michael Brooks told more than 400 industry leaders at the UrbanGrowth NSW conference on 11 March 2013 that Australians pay more for housing because of a lack of high density choices.

"Your houses are too expensive because people do not have that choice, because you do not have that density," said Brooks.

"You do not have enough medium or high rises. You need product in the $250,000 range. "You need to get that to market. I do not care if it takes 80-storey buildings, do it."

Brooks compared Sydney to Toronto in that they have similar populations at around 6 million which is expected to grow to 11.5 million by 2031 however Toronto has around three times the density of Sydney.

Brooks said that high density living is important for cities so as not to sprawl into surrounding farmlands.

He also pointed out the lifestyle marketing for high rises can tap into younger demographics.

"It's sold on lifestyle. There is a pool and a restaurant downstairs, so you can order room service to your suite if you want it," he said.

"The high-rises are dating machines. It's full of young 20-somethings riding the elevator with each other - it's sold on lifestyle by people who do not put value on the grass out their back door."

Images: Kannfinch