Crown Group unveils maiden Melbourne project Artis
Sydney-based property developer Crown Group unveiled its first Melbourne residential project at a virtual press event on Oct 20. The 153- unit luxury residential development is called Artis and is in the city- fringe Southbank neighbourhood in Melbourne. Crown Group plans to launch the first sales phase next month to buyers in Indonesia, China and Southeast Asia, followed by subsequent sales launches in Australia next year.
This is the first time the developer is branching out of its base in Sydney since the company was established in 1996. Recently, the developer has also ventured into residential projects in Indonesia and the United States.
Crown Group says the launch of Artis is the first step in a long-term plan to roll out a A$3 billion ($2.87 billion) development pipeline in Melbourne over the next few years. It has partnered with Melbourne-based residential property developer G3 Projects to jointly develop Artis.
Crown Group is helmed by co-founder and group CEO Iwan Sunito. “Melbourne is a city that we have been looking at for some time, and it is a city where we aim to expand our business. We see that the city has got a lot of promising things that can be found in equal measure in Sydney, but Melbourne offers a different proposition altogether,” says Sunito.
Artis will be designed by Australia-based architect Koichi Takada, who has been behind some of Crown Group’s signature residential developments including Arc by Crown Group, Infinity by Crown Group and Skye by Crown Group.
According to Takada, the design of Artis is inspired by Melbourne’s Arts Precinct which is the focal point for the city’s vibrant arts scene and artistic community. “We came up with this concept of art in motion. And motion is not something we usually associate with architecture. Therefore, it created a sense of tension between art and architecture — a contrast that we hope to humanise the high-rise building in an urban context,” says Takada.
The architecture of Artis features a pair of curved white towers that are circled by textured “ribbons”. According to the architect, the design was inspired by “the tempo of music, adagio and legato, creating movement and fluidity throughout the spaces that is smooth and connected.”
Artis will comprise a mix of one- to three-bedroom plus study apartments of 517 sq ft to 1,399 sq ft, as well as three penthouses of 2,390 sq ft to 2,465 sq ft. Units will be spread across two residential towers that are 14-storey and 16-storey high.
The entire development sits on a 2,906 sq ft corner site at 175 Sturt Street in Southbank, Melbourne. The ground floor of one of the towers will feature a community arts space to host exhibitions, as well as retail spaces. Other facilities in the development include a rooftop lounge and garden, a children’s play area, a gym, and an indoor pool.
According to Sunito, “We are confident to launch in the current market because we are supported by key market fundamentals — Artis is in a prime, highly sought-after location outside of the Melbourne CBD; there is strong demand for a boutique development with unique design and there is restricted supply of such a product.”
Sunito also says that the launch of Artis is a timely addition to the residential market in Southbank, which greatly contributes to the city’s cultural heart. The area boasts the highest concentration of galleries, theatres, and art spaces in Melbourne. It is home to the National Gallery of Victoria, The Australian Ballet, the Melbourne Symphony Orchestra, the Melbourne Theatre Company and Opera Australia.
The Australian government is also working to transform the arts precinct into a worldclass creative and cultural destination and is backing this development plan with a A$200 million funding boost that will include the construction of a new national gallery building for contemporary arts, boosting the overall attraction of Southbank, says Robert Papaleo, Colliers director of international residential Melbourne.
“In recent years, we have seen Southbank transform into a flourishing residential suburb that complements what has already been developed as the cultural arts precinct of Melbourne. We also observe that the residential population in the area has swelled significantly, and the local residential market has matured,” says Papaleo.
He adds that there is a greater acceptance among local Melbourne residents towards apartment living, which translated into strong apartment demand over the past five years.
“What we are seeing now due to the Covid-19 pandemic is an aberration in terms of the housing market this year, and the impact it is having on overall apartment demand. But from the supply-side, we expect to move to a situation in the broader Melbourne housing market where there is going to be a significant ratcheting down on new supply opportunities beyond 2020. There is a slowdown of new incoming supply and 2020 will likely represent the peak year of new apartment completions in Melbourne for the next few years,” says Papaleo.
Crown Group says it plans to start the construction of Artis in July 2021, and the entire development is expected to be completed by 2H2023.
“We have observed that local buyers and property investors realise that their money doesn’t go far in the banking and equities markets right now, and they are looking for alternative investment assets. Most local home buyers are also planning their purchases ahead of time and many realise that it is a buyers’ market right now. This is the best time to buy a property when the market is relatively subdued,” says Sunito.