One Barangaroo Records 12 Transactions Over $20m

One Barangaroo has made headway in the ultra-prime residential market with 12 sales over $20 million transacting in the Sydney tower.

Australian residents made up 80 per cent of the buyers which includes Crown Resorts largest shareholder James Packer and veteran venture capitalist Bob Blann.

Construction started on the tower about two years ago and will top out as the city’s tallest residential building at 275 metres on completion in 2021.

The lift core sits at level 70 and floors have been poured up to level 61 of the 71-storey skyscraper.

Crown Residences partner Erin van Tuil was leading the sales and said that last year Crown recorded four transactions over the $40 million mark across the One Barangaroo’s 82 luxury residences.

“Ultra-wealthy individuals continue to flock to Sydney and the prime market continues to register positive growth,” van Tuil said.

All residences in One Barangaroo have dual or triple aspect views of Sydney harbour and owners will have access to amenities and services usually expected from a hotel including bed linen changed, access to a private chef and a concierge.

High-roller slump drags on Crown profit

The $650 million sale milestone came as Crown Resorts Limited announced its mixed half-yearly results.

Crown Melbourne revenue of $1,025.6 million was down 8.3 per cent on the previous corresponding period and Crown Perth was up 3.4 per cent at $431.9 million.

Crown Aspinalls was down 42.2 percent at $3.6 million reflecting difficult trading conditions across the London high-end casino market.

However online social gaming operations were up $87.5 per cent at 14.1 million.

▲ Crown Resorts Limited One Barangaroo development on Sydney harbour.
▲ Crown Resorts Limited One Barangaroo development on Sydney harbour.

Crown chief executive officer Ken Barton said their 2020 first half result reflected mixed trading conditions across our various businesses.

“Crown has recently experienced softer trading conditions as a result of travel restrictions and general community uncertainty in response to Covid-19, particularly over the Lunar New Year period,” Barton said.

“VIP program play turnover at our Australian resorts was down 34.2 per cent on the prior year, with the business impacted by a continuation of softer market conditions, exacerbated by recent negative publicity.

“However, during the period we benefited from an above theoretical win rate on VIP program play turnover, with actual VIP program play revenue up 9.2 per cent on the prior year.”

The interim results also showed progress continuing on the Crown Sydney Project which has an expected gross project cost of $2.2 billion and net project cost at $1.4 billion.

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