UNIQUE ADVANTAGES
Crown Residences at One Barangaroo, with its exceptionally advantageous location in Sydney, Australia, offers a once-in-a-lifetime opportunity for investors as well as homebuyers. Here's a news report by Megan Huang.
Sydney, Australia is always the centre of attention on New Year's Eve, not only because of its position in the world, which makes it the first major international city to usher in the new year, but also thanks to its mesmerising fireworks display which takes place right above the city’s famous iconic landmarks, including Sydney Opera House and Sydney Harbour Bridge.
The history of Sydney, the state capital of New South Wales, began in the 18th century with the arrival of Captain Arthur Phillip from Britain and the foundation of its harbour. In the following centuries, settlement, immigration and infrastructure development, along with its temperate subtropical climate and more than 70 beaches and harbours have contributed to Sydney’s reputation as one of the major international cities, known for top quality of life. The Economist Intelligence Unit in 2019 ranked Sydney as the 3rd most livable city in the world in terms of social stability, infrastructure, education and healthcare.
With its exceptional quality of life, Sydney has attracted immigrants from all over the world. Statistics show that almost 49.4 percent of Australians have foreign-born parents. The continuous growth of its population has enriched Sydney’s multiethnic-cosmopolitan social fabric. The increased demand
for housing has put pressure on the government to invest in the city’s infrastructure, with more than AU$10 billion invested in these projects in recent years. It is against this backdrop that Crown Residences at One Barangaroo came into being.
In 2014, the state government released seven hectares of city land at Barangaroo near Sydney Harbour for private development. The location is unbeatable as it enjoys sweeping views of the waterway and is in close proximity to both Sydney Harbour Bridge and Sydney Opera House. After securing land within the bigger precinct, Crown Resorts decided to launch a mixed-use development project, where high-end residences and top hotel amenities coexist in the same space, which is named Crown Residences at One Barangaroo.
Crown Residences at One Barangaroo will be a manifestation of collaborative efforts by a few celebrity designers, including British architect Wilkinsoneyre and New York-based interior designer Meyer Davis. The streamline modern-style building will feature chic and minimal decor and St Legere’s green landscaping, creating a calming environment and a relaxing ambience.
Crown Residences at One Barangaroo consists of 82 luxury private residences, located between the 33rd and 65th floors of the 71-storey building. There is a selection of two, three, four and six bedroom residences, among which the largest unit is a duplex covering an area of over 800 square metres on the 64th and 65th floors. Being Australia’s first hotel branded residences means residents will enjoy six- star facilities and services from Crown Resorts’ hotel below, including a 24hour concierge, a VIP pool area, priority access to in-room dining and a private entrance. Simply put, a super-prime level of exquisite services will be reserved for a privileged few.
Under construction and due to be completed in 2021, Crown Residences at One Barangaroo has attracted the attention of foreign investors. According to Michelle Ciesielski, Head of Residential Research at Knight Frank Australia, most of Sydney’s high-end real estate is located around the harbour. That is why many wealthy people choose to live here. There are only limited opportunities for prime luxury properties (the most expensive property in the market, the top 5 percent by value) to have uninterrupted water views of Sydney Harbour. With this constraint, and an increase of 12 percent of the ultra-wealthy population (those with wealth of more than US$30 million) in Sydney over the past five years, demand
for prime luxury property continues to increase. This is only going to rise further with projected growth of another 20 percent of ultra-wealthy people for at least the next five years. Knight Frank research indicates that the premium placed on waterfront property in Sydney is the highest in the world, at 89.3 percent. During the 12 months preceding June 2019, the price of local prime real estate went up 2.5 percent, while the annual growth rate is expected to reach 2 percent in 2019, presenting a promising outlook for investment.
Knight Frank’s Erin van Tuil, Partner, Crown Residences at One Barangaroo, pointed out that the project has broken multiple records in Sydney’s real estate market. Four transactions closed this year each with the price exceeding AU$40 million, setting a new benchmark for high-end real estate across the city. She went on to explain, “for local people, there are few opportunities to live so close to Sydney Harbour. All our residences boast stunning views of the harbour, a unique advantage that is rare for both local and international buyers. We therefore believe there is substantial room for further capital growth in the future.”
Todd Nisbet of Crown Resorts said that the intention is to also cater to local Sydney-siders to create a sense of pride. That is why the developer, Crown Resorts, in their proposal to the local government, is not only building high-end residences, but is also developing a 349-room six-star hotel, a high-end shopping offering and leisure facilities such as fine dining establishments for everyone in Sydney to enjoy. It is hoped that in addition to attracting tourists from all over the world to
Sydney, the facilities will also serve local citizens while six-star hotel-level services meet the needs of the lucky few who live in these luxury residences.
According to Knight Frank’s The Wealth Report 2019, 45 percent of Asian ultra-high-net-worth individuals consider Australia the number one destination for property investment in 2019 and 2020, while the ultra-wealthy in Hong Kong see Australia as their second preferred choice for purchasing a home overseas. Crown Residences at One Barangaroo, occupying the most soughtafter location in Sydney, is a unique opportunity for homeowner self-occupation as well as a smart investment. Savvy investors cannot afford to miss this once-in-a-lifetime opportunity.