Crown Group Remain Confident in Weakening Sydney Market

Sydney-based developer Crown Group launched its latest project “Mastery” in Sydney’s Waterloo over the weekend.

The developer said it remains confident for the demand of high-quality offerings within struggling market conditions.

Crown Group sold $40 million worth of apartments in the project's first stage, with locals snapping up the majority of apartment offerings.

A total of 70 residences were offered for sale over the weekend, although the developer has not yet confirmed how many buyers have made purchases.

Crown Group said a global launch of Mastery will next take place in Jakarta, Surabaya, Shanghai, Hongkong, followed by Singapore and Tokyo, with plans for international buyers to purchase the first stage apartments.

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More than 140 people attended the launch which the developer described as “a true mix of both investors and owner-occupiers” ranging from “first home buyers and young professionals to downsizing couples and young families.”

Crown Group chairman Iwan Sunito said he remains confident in Sydney’s property market despite headwinds in the sector.

“The success of Mastery by Crown Group’s sales launch is evidence of the strong demand for high-quality apartments in the right location; and affirms the appeal of Waterloo as an up-and-coming area just five kilometres from the CBD,” Sunito said.

While Sunito says he’s an optimist, the developer who co-founded his company in 1996 recently told The Urban Developer, he’s “optimistically cautious”.

Prices for apartments in Mastery by Crown Group, designed by Japanese architect Kengo Kuma and Sydney architect Koichi Takada, start from $632,000.

The project's second stage of sales is expected to commence in early 2019.

Mastery will comprise a total of 374 luxury apartments once complete.