Thursday, 8 April 2010

Region. Crown's interest in the region

Crown International Group has begun marketing its $110 million Sanctum development, at Rhodes, which includes 149 apartments in two buildings, on Homebush Bay, with apartments priced between $480,000 and $1.3m to be completed within 16 months. Chief executive, Iwan Sunito, said he expected demand to be stronger, at Rhodes, than for the Gallery twin-tower, $125 million, 246-apartment complex, in the Parramatta CBD. Crown has sold half of its $130 million Eko, 213-apartment project. in Newington. The group has also recently announced it had purchased a site on the corners of Hunter, Marsden and Macquarie streets, in the Parramatta CBD, for a $200 million development. Crown is believed to be buying the residential component of the $1.1 billion Top Ryde City Shopping Centre project, which includes 425 apartments, in five buildings, with an end value estimated to be about $300 million, according to The Australian. Crown recently sold a 173-square-metre penthouse with three bedrooms, two bathrooms and two car spaces, for $805,000, in its Gallery development. The penthouse is one of 12 in the complex.



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