THE DAILY TELEGRAPH
More than $170 million worth of apartments were sold within two hours at the launch of a new Green Square development over the weekend.
By 3pm, the total value of apartments sold reached $350 million.
The $575 million Infinity by Crown Group development attracted hundreds of chased-up buyers that queued up outside the company’s Market Street headquarters from 7am to snap up off-the-plan homes.
National development director of Crown Group, Pierre Abrahamse, said the response has been overwhelming.
“We released our first 185 units and we had to release the second stage well in advanced due to the unprecedented demand,” he said.
“We had close to 800 expressions of interest before the launch so we anticipated a high level of pent-up demand.”
A total of 326 apartments was released for sale in the same-day global launch which included Singapore, Jakarta and Surabaya.
Prices for the apartments started from $650,000.
Mr Abrahamse said the development had attracted a mix of owner-occupiers and investors.
“Seventy per cent have been locals and 30 per cent have been overseas buyers,” he said.
Infinity by Crown Group will be located at 301-303 Botany Rd, Zetland, close to Green Square train station.
Designed by Koichi Takada Architects, it will feature resort-style facilities including a fully-equipped gym, a music room with a baby grand piano, media theater and a sky lounge with city views.
Crown Group CEO Iwan Sunito said he wanted to create an innovative building that would cater to the needs of residents for decades to come. “This gateway site in Sydney’s new Green Square precinct demanded something completely new, something which has never been built before,” he added.
There will also be a 1180 sqm open-air plaza surrounded by retail outlets, restaurants and cafes.
In addition to the residential apartments, Infinity by Crown Group will also be home to 75 luxury serviced apartments.
Construction is due to begin this year and is expected to be completed in 2019.