The 331-unit Waterfall by Crown Group is located near Sydney’s CBD.
Waterfall by Crown Group, a 331-unit luxury residential project in Sydney’s inner-city suburb of Waterloo, will be officially launched to buyers in Singapore, Jakarta, Hong Kong and Sydney on 17 June.
On Thursday (4 May), several VIP clients, repeat buyers and those who registered their interest were given the opportunity to preview the project in Singapore.
The Sydney-based developer has received close to 300 expressions of interest (EOIs) since the start of April, and this is expected to grow further. “We always target to get 500 to 600 EOIs by the time we launch,” said Julian Sedgwick, Global Head of Sales & Marketing at Crown Group.
Unit types include studios, one- to three-bedroom apartments, courtyard apartments and double-storey penthouses from about 430 sq ft to 1,485 sq ft. Prices start from around AU$650,000 (S$673,243) for the smallest units.
One of the project’s main features is a 21m-high seven-storey waterfall, which will be Australia’s tallest man-made waterfall.
“This development is something entirely unique, inspired by the power of nature,” said Iwan Sunito, Chairman and CEO of Crown Group.
In addition, there will be five on-site retail units comprising F&B outlets and shops which Crown Group plans to lease out closer to completion.
Construction on the project has already begun, with targeted completion by 2020.
As for its location, the up-and-coming Waterloo area is close to Sydney’s Central Business District and the airport.
“The occupancy rate in the location of this development is around 99.5 percent, so that puts a lot of pressure on rental rates to push them up, and pushes up asset prices as well,” said Guy Major, Crown Group’s Director for Sales and Marketing in Asia.
Average rental yields are in the range of 4.6 percent to 5.0 percent, noted Sedgwick. He added that there are many trendy bars and restaurants in the area, making it a popular hotspot for young professionals.
Separately, Sedgwick revealed that mainland Chinese are the top foreign buyers of Sydney properties, followed by Indonesians, Singaporeans and Malaysians.
But he isn’t too worried about China’s capital control restrictions as Crown Group reserves most of its units for the domestic market. “We will aim to sell between 70 to 80 percent (of the units) to locals and the rest will be for foreign markets.”
He added that foreign buyers in Sydney must pay an additional stamp duty of 4.0 percent, which must be paid within three months of exchange of contracts. Moreover, foreigners looking to resell their units can only sell to locals.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
