Crown Group sees strong sales due to attractive exchange rates

This article first appeared in City & Country, The Edge Malaysia Weekly, on March 30, 2020 - April 05, 2020.

The living area of an apartment unit at Mastery by Crown Group. Photo by Crown Group

Mastery by Crown Group is an ongoing A$500 million development in Waterloo, Sydney. Photo by Crown Group

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Australian property developer Crown Group Holdings enjoyed strong sales in February and March, moving nearly A$9 million (RM23 million) worth of off-plan apartments at its Japanese-themed development, Mastery by Crown Group, in Waterloo, Sydney.

The developer is optimistic that this trend is set to gain momentum, with interest rates expected to drop further and a fall in the value of the Australian dollar, offering foreign buyers opportunities for good deals.

Crown Group chief operating officer of sales and marketing Prisca Edwards said in a press statement that the strong sales figure in February is testament to the fact that there is still demand for good-quality off-plan properties at the right price.

“Savvy investors will always look at the long term and beyond testing conditions to seek out reputable developers and good investment opportunities that are well located,” she added.

Edwards said overseas buyers are taking advantage of the attractive exchange rates. “Buyers are enjoying the lowest interest rate in history right now and it looks like there will be further cuts ahead. It is as though they are getting a ‘discounted’ price.

“Anecdotally, we are hearing this from multiple sources — a Singaporean buyer said it was now 14% cheaper for them to buy a property in Australia, owing to the current exchange rate. They are striking while the iron is hot because they see an opportunity to make capital gains in the long term, with a good purchase price now,” she explained.

The Mastery by Crown Group is a A$500 million project developed in partnership with Mitsubishi Estate Asia. The luxury development will comprise a total of 368 apartments in five buildings.

One of the five buildings, designed by renowned Japanese architect Kengo Kuma, is dubbed the “stacked forest” and features greenery on its façade. Another three towers are designed by Koichi Takada Architects while the fifth is designed by Sydney-based architects Silvester Fuller.

Koichi Takada Architects also designed the apartment interiors, which will feature modern materials in warm timber and an interplay of light and shadow.

The property will offer an infinity-edge pool, a gym, spa, mini cinema, community room and ground-floor retail precinct comprising a mix of restaurants, cafés, shops as well as Sydney’s first Japanese eat street, according to Edwards.

Units are available for sale at price tags starting from A$673,000. Two penthouses, which will feature a traditional Japanese hinoki timber onsen-style bath, are still available at A$3.78 million and A$4.92 million.

Situated 4km from Sydney’s CBD, Mastery by Crown Group is due for completion by 2023.

Crown Group, co-founded by architect Iwan Sunito and engineer Paul Sathio, started its first project in 1996. The company has since built major developments in Sydney’s premier locations including Bondi, Bondi Junction, Parramatta, Ashfield, Epping, Homebush, Newington, Pennant Hills and Rhodes. Most recently, it completed the 25-storey Arc by Crown Group in Sydney’s CBD as well as Infinity by Crown Group in Green Square.

Apart from Mastery by Crown Group, the company is also developing Waterfall by Crown Group in Waterloo, as well as Eastlakes Live by Crown Group in the Eastern Suburbs. The developer has three other projects in the pipeline.