ONE-DAY SALE REAPS $380M FOR CROWN GROUP
Written on the 1 September 2015
IT WAS a one-day sale that reaped $380 million and smashed a Sydney property developer's own sales records in another sign that the Sydney property boom shows no sign of slowing down.
Hundreds of buyers rushed to secure apartments at Crown Group's Green Square project, Infinity by Crown, at the launch last Saturday.
Buyers flocked to the company's Market Street head office from 8am snapping up $100 million worth of apartments in the first hour.
By close of business only two apartments remained and sales had reached $380 million, smashing the company's previous sales record of $173 million in four hours at the launch of Sydney by Crown last year.
Crown Group says the decision to release the building's entire 326 apartments was made after the company received a significant number of enquiries for Infinity by Crown.
In July, the building's design was unveiled to an audience of more than 1500 guests at a Sydney red carpet event.
More than 70 per cent of apartments have been sold to Australian residents and citizens and Crown's group director of sales and marketing Roy Marcellus says buyers were a mix of investors and owner occupiers.
"After months of waiting it was great to see so many buyers finally secure an apartment on Saturday," says Marcellus.
"Unfortunately hundreds missed out and many of them have already indicated they will submit an expression of interest as soon as they can for our next project."
Crown Group CEO Iwan Sunito says the building has "captured the imagination of Sydney and global investors alike".
"This is evidence of the strong demand for high-quality apartments in the right location; and a testament to Crown Group's reputation for delivering iconic buildings in Sydney," he says.
The apartment project, designed by Koichi Takada Architects and recipient of the UDIA NSW Concept Design award, challenges conventional residential apartment design with a unique looped shape and an 1180-sqm open-air garden plaza surrounded by retail outlets, restaurants and cafés.
Infinity by Crown features a void in its north-facing façade allowing natural light to penetrate a central landscaped plaza and apartment balconies.
Residents' amenities include a fully-equipped gym, a music room complete with baby-grand piano, a media theatre and a sky lounge with stunning Sydney CBD views.
Prices for apartments started at $650,000 and, in addition to its residential apartments, the $575-million mixed-use development will also be home to 75 luxury serviced apartments.
Crown Group says it plans to begin accepting expressions of interest for its next residential development later this year. Crown Group plans to launch a collection of luxury hotel-style serviced apartments from 2016.
Construction of Infinity by Crown Group, which is located at 301-303 Botany Road, will be completed in 2019.