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