Sydney by Crown achieves 95% sales at launch

KUALA LUMPUR: Australian property developer Crown Group achieved total sales of A$173.1 million (RM501.6 million) or 95% of its 220-unit Sydney by Crown apartments during its same-day local and overseas sales launch on Nov 22. The success of the launch reflects the growing demand for high-end properties in Sydney, said Crown Group chief executive officer Iwan Sunito. This development is the only new apartment building in the central business district to be launched before the end of 2014. “Many of our buyers were past purchasers of Crown Group apartments,” said Sunito. Over 500 people turned up at the Sydney by Crown’s display suite at 1 Market Street, Sydney, on the morning of the launch. The Sydney launch was followed by its Singapore and Jakarta launches. The residential development commands A$250 million in gross development value and covers a gross floor area of 17,446 sq m. Located at the landmark 161 Clarence Street building, the development features one- and two-bedroom apartments, as well as penthouses on the 27th floor. The apartments are not fully furnished but come with kitchen appliances, as well as built-in wardrobes and bathroom cabinets. The apartments’ interiors are designed by Koichi Takada Architects. The apartments are priced from A$826,650 for the one-bedroom apartment. Sydney by Crown will feature resort-style living facilities such as a rooftop terrace with landscaping and oasis water feature, swimming pool, gymnasium and concierge facilities. The 25-storey building’s design was selected from an international design competition. It features heritage-inspired lower levels that transition to a modern glass-and-steel tower, capped with dozens of steels arches over the tower’s rooftop bar and garden. The lower levels will feature an eight-storey cathedral-like atrium that rises 20m above street level over a new public laneway between Kent and Clarence Streets that is next to the historic Skittle Lane. The development will be within walking distance to Sydney’s new waterfront precinct at Barangaroo, the new Sydney Convention and Exhibition Centre, Wynyard station and Darling Harbour. Construction will begin in early 2015 and is slated for completion in late 2017. The group plans to open for sale the Crown Suites in late 2016. It will come fully furnished and offers five-star services. The project is part of a A$1 billion portfolio of luxury suites across Sydney. The group launched its Skye by Crown in North Sydney last year. Over 100 apartments worth over A$100 million were sold within a week. This article first appeared in The Edge Financial Daily, on December 5, 2014.