Crown Casino Looking for International Buyers for Sydney Apartments
Crown Casino is currently constructing the Crown Sydney resort that will be completed in 2021. The resort will include a luxury apartment that will be placed above the hotel. However, Crown Casino has only managed to attract a few local buyers and able to sell a quarter of the luxury apartments.
In an effort to get more apartments sold, the casino operator is looking to attract buyers from Asian countries. They are looking at countries such as Singapore, Hong Kong, Indonesia and Malaysia. The luxury casino operator is also looking to attract buyers from the United Kingdom and the US.
The Crown Sydney apartments will amount to 82 upon completion. There will be a penthouse atop the apartment which is being marketed at AU$100 million. The Australian casino operator wants to sell the apartments to help cover the cost of the construction which is estimated at the cost of AU$2.2 billion.
Legal Dispute for the Sydney Harbour View
In other developments in the project concerned, Crown Casino is involved in a legal battle for the view of the harbour for the apartments and hotel. However, the Barangaroo Central project may be in the way of that plan.
The local government is in the process of working on the Barangaroo Central project which will be near the casino resort. They have initially planned to make the project 59,000sqm but has since revised their plans and added 91,000sqm making it 150,000sqm. This will affect Crown Casino’s hotel and apartment views and cost the Australian gambling operator AU$20 million.
According to Crown Casino, they had secured the views and were planning to charge AU$800 per night for the rooms overlooking the harbour. It is said that a mediator will be appointed to help with discussion among the parties involved. However, should the matter not be resolved, it will be taken to court.