DOMA Group says it will start work on the tallest building in Newcastle at the start of next year after strong buyer demand for apartments in the development.
DOMA development manager Chris Farrington said 70 per cent of the apartments in the east tower of the 30-storey The Store building had sold, triggering the start of sales in the west tower.
The company likely will build both 100-metre towers at the same time.
"We had the option of building them one at a time, but it is obviously preferable to do both at once," Mr Farrington said.
The twin towers contain a total of 350 apartments rising above the existing car park and bus interchange.
The Hunter Street complex includes commercial space on the lower levels and a swimming pool, tennis court, barbecue area, garden and children's playground on the resort-like car park roof.
The Hunter and Central Coast Regional Planning Panel approved the residential towers a month ago.
Mr Farrington said DOMA had sold out its two most recent residential apartment projects in inner-city Newcastle, the waterfront Huntington building in Honeysuckle and The Crossing in Merewether Street.
Another 30-storey apartment development, Thirdi Group's Dairy Farmers Corner project in Newcastle West, also won development approval a month ago.
Both buildings soar 10 storeys higher than the city's existing tallest structures, The Verve apartment towers and Sky Residences, both in King Street.
Figures published this week by property analysts CoreLogic showed Newcastle property prices had fallen 2 per cent in July as rising interest rates and inflation dampened demand, but apartment prices were stable.
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