A development at Newtonbrook Plaza is making waves by unveiling a type of condominium apartment that’s not just family-friendly but multigenerational-family-friendly
Renderings of the M2M project by Chinese developer Aoyuan at the 8.6-acre Newtonbrook Plaza site, which the company bought in 2018 for $201-million.Chinese developer Aoyuan Property Holdings made a big splash in Toronto in 2018, paying $201-million for the 8.6-acre Newtonbrook Plaza development site at 5799 Yonge St., in its first Canadian project outside of Vancouver.
According to Fan Yang, deputy general manager, Eastern Canada for Aoyuan International, the company decided on building such a large selection of multifamily units after getting feedback from buyers in its first tower. “Many buyers would come into the sales centre with their entire family. By the time they left they were already discussing which bedrooms they were going to take,” he said.
“So we see a gap between luxury condo and spacious condo, spacious enough for multigeneration family, but not too expensive.” This is the third and largest project announced so far in Canada by the Hong Kong-listed company, founded in 1996; it has two other projects in Vancouver. Aoyuan began diversifying outside of China in 2015 and now has seven projects in Australia.Mr. Yang says the company has felt very welcomed by the Toronto development community and is actively looking for more projects in the city.
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