KUALA LUMPUR (July 23): Australian residential developer Crown Group has announced its long-term plan to develop a A$1 billion portfolio of retail offerings globally.
For starters, it plans to have 29,500 sq m of retail space in nine of its developments by 2024, valued at A$285 million, according to a recent press release.
Group chairman and CEO Iwan Sunito noted that as the group is known for developing architectural icons that could attract world-class retail brands, it will continue to pursue this model at three new developments underway in Sydney.
He said one of the examples is its latest retail precincts, Infinity Square, which was opened in 2019 at Green Square with 19 shopping and dining offerings. It was designed by Koichi Takada Architects.
“We are currently signing on to our third ASX-listed company there, after opening McDonald’s and KFC this year. This is in addition to the other exciting offerings that have turned this into a vibrant new drawcard for the area, with Miracle supermarket, Infinity Medical Centre, Butcher & The Farmer restaurant, Social Society café, Bashan Noodles and Nam2 pho that are set around a central courtyard positioned above the Green Square train station,” he added.
“We have proven that iconic architecture attracts world-class brands, so we are now using this approach to create an exciting new retail precinct at Eastlakes, which will transform the suburb into a thriving destination in itself with 490 apartments and more than 60 stores… Nearby at Waterloo, we are also developing Mastery by Crown Group.”
Mastery will be Australia's first Japanese-themed residential community, designed by Kengo Kuma and Koichi Takada Architects. It will have its own dedicated retail precinct. Colliers has been engaged to take both retail projects to market.
Crown Group has been developing luxury apartments across Sydney since 1996. Currently, its developments in the pipeline has a total value of A$5 billion. Located in Sydney, Brisbane, Melbourne and Los Angeles, these developments include residential communities with shopping centres and hotels as well as its own fund management platform.
Crown Group COO Pierre Abrahamse said Crown Group excelled in creating curated retail experiences for its residents, hotel guests and customers as a part of its strategy to create a recurrent income stream.
He added that the group offers end-to-end management, from retail development to design, and retail asset management with its own in-house retail development team. This business model allows the group to control the retail tenants in curating an appealing experience for the residents and hotel guests.
“Our custom-designed retail precincts offer convenience and choice to the community and a curated dining and shopping experience that enhances the appeal of our residential communities and hotels.
“Ultimately this generates demand from buyers and residential tenants for our apartments while creating a recurrent income stream. It supports the Crown Group brand while attracting good covenant retailers that complement the trade area in which they operate,” said Abrahamse.