SYDNEY--(BUSINESS WIRE)--A landmark Sydney building has sold more than AUD$170 million in apartments within hours of its same-day local and overseas sales launch.
Australian property developer Crown Group has sold 95 per cent of its first and final release of apartments at its AUD$250-million residential development soon to be built in the heart of the city, Sydney by Crown, exceeding all expectations.
More than 500 eager property buyers flocked to the official launch at Sydney by Crown’s 1 Market Street display suite from 8am Saturday morning. Crown Group set out to sell AUD$100 million of residential apartments on the day and after reaching its goal within four hours, made available all stock.
The Sydney launch was followed closely by launch events in Singapore and Jakarta.
A total of AUD$173.1 million in apartments at the landmark 161 Clarence Street building were sold on Saturday including one-bedroom, one-bedroom-plus-study, two-bedroom, two-bedroom-plus-study and three-bedroom apartments and 27th-floor penthouses.
Prices of apartments sold started from AUD$826,650 for a one-bedroom suite.
Crown Group Chief Executive Officer Iwan Sunito said the success of the Sydney by Crown launch was reflective of a growing demand for high-end property in Sydney and a record result for the company.
Sydney by Crown is the only new apartment building in the CBD to launch before the end of 2014.
“The launch of Sydney by Crown is the strongest launch day result in Crown Group’s history,” Mr Sunito said.
“Sydney by Crown is set to become one of Sydney’s architectural centrepieces, a globally recognised icon, designed in Sydney, for Sydneysiders. Sydney by Crown has captured the attention of the world.”
“We received thousands of enquiries from around the world prior to launch and today’s result reflects the strong appetite for high-quality apartments built by developers with a good track record in Sydney,” he said.
All four available penthouses were sold within one hour.
“Many of our buyers on Saturday were past purchasers of Crown Group apartments, a testament to our reputation and quality of our developments,” Mr Sunito said.
“Crown Group has established a strong brand in Australia and internationally.”
“Sydney by Crown mirrors the dynamic, optimistic and ambitious nature of Sydney, where the past and the future combine to create a vibrant, international city.”
Designed by internationally renowned Koichi Takada Architects and chosen from a selection of world-class designs during an international design competition, the 25-storey building will feature heritage-inspired lower levels transitioning to a modern glass-and-steel tower, capped with dozens of steel arches.
The unique arches will envelope the tower’s rooftop bar and garden, forming a striking addition to Sydney’s skyline.
Lower levels will include an eight-storey cathedral-like atrium rising 20 metres above street level over a new public laneway between Kent and Clarence Streets, joining historic Skittle Lane.
The tower will be within walking distance to Sydney’s new waterfront precinct at Barangaroo, new Sydney Convention and Exhibition Centre, Wynyard station and Darling Harbour.
Sydney by Crown will also be home to a collection of Crown Suites.
The success of Sydney by Crown comes after the launch of Crown Group’s Skye by Crown in North Sydney last year, when more than 110 apartments worth more than $100 million were sold within a week.
Construction of Sydney by Crown will begin in early 2015 and is scheduled for completion in late 2017.
A selection of less than half a dozen apartments is available for sale.
For more information visit www.crowngroup.com.au