East­lakes Live

The first stage of devel­op­ment of Crown Group Aus­tralia’s East­lakes Live will in­clude 134 lux­ury apart­ments above mul­ti­ple re­tail spa­ces

Portfolio - - IN THIS ISSUE - BY MARC AL­MA­GRO

TELL US ABOUT BAR AN G AR O O.

In 2003, the gov­ern­ment of New South Wales pumped in US$6 bil­lion to re­ju­ve­nate the Baranga­roo precinct and turn a for­mer fish­ing wharf into the bustling Cen­tral Busi­ness Dis­trict that it is to­day. Baranga­roo is now Syd­ney CBD’s cul­tural hub, filled with res­tau­rants, shops, of­fices, res­i­den­tial build­ings, and an ur­ban park. Baranga­roo is a great ur­ban re­gen­er­a­tion project. Con­struc­tion only be­gan six years ago but Baranga­roo’s din­ing precinct has over 50 new res­tau­rants and bars that opened at the end of 2017. Many well­known com­pa­nies have moved into the precinct, in­clud­ing Price Wa­ter house Coop­ers, Mac­quarie Bank, West­pac and David Jones.

WHAT ARE CROWN RE­SORTS AC­TIV­I­TIES IN THE AREA?

Crown Re­sorts has a strong 20-year track record, de­liv­er­ing six-star ser­vice in Aus­tralia with their Crown Tow­ers ho­tel in Mel­bourne. At Baranga­roo, it is de­vel­op­ing a new six-star resort ho­tel. Atop this ho­tel will be One Baranga­roo, Crown Res­i­dences. It is un­der con­struc­tion, with an ex­pected com­ple­tion date of early 2021. The build­ing is lo­cated in the Baranga­roo precinct of Syd­ney’s Cen­tral Busi­ness Dis­trict (CBD), within walk­ing dis­tance of the Opera House and Harbour Bridge. Sur­rounded by ur­ban parks, the new Head­land Park, the com­mer­cial bus­tle of In­ter­na­tional Tow­ers, and the re-born Dar­ling Quar­ter, the area is alive with work­ers, vis­i­tors, shop­pers and din­ers.

WHAT MAKES THIS A GOOD IN­VEST­MENT PROJECT?

Crown Res­i­dences is a one-of-a-kind, ul­tra-lux­u­ri­ous res­i­den­tial and ho­tel devel­op­ment equipped with fa­cil­i­ties such as ho­tel-style concierge ser­vice, res­i­dents-only pool deck, gym­na­sium, ten­nis courts, spa, steam room and sauna. The sup­ply is limited to only 82 res­i­dences, specif­i­cally 2-, 3-, 4- and 6-bed­room res­i­dences from floors 33-65. All res­i­dences will have ex­pan­sive dual or triple as­pect Syd­ney Harbour views, most with di­rect views of Opera House and Harbour Bridge.

PROP­ERTY PRICES IN SYD­NEY HAS SLUMPED IN RECENT MONTHS AND DE­CLIN­ING FUR­THER. WHAT CAN THE SIN­GA­POREAN IN­VESTOR EX­PECT FROM THE CITY IN THE SHORT TO MID-TERM?

We see the mar­ket in Syd­ney as two-tiered. It is fair to say that while prices in the core mar­ket have set­tled down, pric­ing in the prime mar­ket is do­ing ex­cep­tion­ally well. This is due to strong de­mand and a short­age in sup­ply. We see de­mand for prime prop­erty re­main­ing strong and we an­tic­i­pate this to con­tinue with over seven per cent growth in the Syd­ney prime mar­ket an­tic­i­pated for 2018.

A LOT OF RE­PORTS SUGGEST THAT THE BOOM FOR SYD­NEY PROP­ER­TIES IS OVER. IS IN­VEST­ING IN SYD­NEY STILL A WISE CHOICE?

The an­swer is a re­sound­ing yes. Aus­tralia’s eco­nomic re­silience, adapt­abil­ity and 26-year record of steady growth pro­vides a safe, low-risk en­vi­ron­ment in which to in­vest and do busi­ness. Ac­cord­ing to Knight Frank’s 2017 Wealth Re­port, an ex­tra 4,000 high-net-worth in­di­vid­u­als emerged in Syd­ney – the high­est net mi­gra­tion of all cities, glob­ally. Over the last five years, Syd­ney’s lux­ury prop­erty mar­ket has con­sis­tently out­per­formed global peers. The city has seen 10 con­sec­u­tive quar­ters of top ten global growth in Knight Frank’s Prime Cities In­dex, which com­pares the price move­ment of lux­ury prop­er­ties glob­ally. The con­tin­u­ing growth in Syd­ney’s lux­ury prop­erty mar­ket has been driven by a strong econ­omy, a sta­ble po­lit­i­cal and busi­ness cli­mate, and a surge in UHNWIs call­ing the city home. Over the last year, more UHNWIs have moved to Syd­ney than any other global city, with Syd­ney’s UHNWI pop­u­la­tion set to grow by 70 per cent be­tween now and 2026. There is strong long-term cap­i­tal ap­pre­ci­a­tion po­ten­tial for in­vestors.

Crown Res­i­dences at One Baranga­roo is tar­geted at ul­tra-high net worth in­di­vid­u­als around the world.

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