A major central Sydney residential and hotel project has been unveiled here as developers cash in on the Singapore dollar's greater buying power Down Under.
Sydney-based Crown Group Holdings unveiled the award-winning Infinity by Crown Group at the Grand Hyatt Singapore hotel last Friday.
The project is within Sydney's A$8 billion (S$8.3 billion) Green Square Urban Renewal area, and was awarded the Urban Development Institute of Australia (UDIA) New South Wales Concept Design award last year.
It is being built on a site at the corner of Bourke Street and Botany Road.
Buyers can choose from 326 luxury apartments in various sizes, ranging from a one-bedroom suite of 37 sq m to a three-bedroom apartment of 138 sq m that comes with a study. Prices start from A$650,000.
Designed by Koichi Takada Architects, the 20-storey Infinity (above) features a unique looped shape and a 1,180 sq m open-air garden plaza, which will be surrounded by retail outlets, restaurants and cafes.
The developer said exact prices for the apartments will be released only on Aug 29, the launch day of apartment sales for Infinity.
The Singdollar recently reached parity with the Australian currency, giving local buyers much more buying power Down Under than when it was up around $1.30 as recently as early 2013.
The Aussie has gained a little on the Singdollar in recent days but is still only about $1.04.
Besides residential units, the development will also have about 75 hotel suites.
Infinity by Crown Group is near universities and the city's central business district and is close to the Green Square train station.
Crown Group's chief executive, Mr Iwan Sunito, said that 70 per cent of the firm's clients are resident Australians, with foreigners making up the rest.
Mainland Chinese clients constitute half of its foreign clientele, with the other half coming from countries in Asia such as Singapore, Indonesia and Malaysia.
Designed by Koichi Takada Architects, the 20-storey Infinity features a unique looped shape and a 1,180 sq m open-air garden plaza, which will be surrounded by retail outlets, restaurants and cafes.
Mr Sunito said Infinity will be valued at A$575 million once it is completed at the end of 2019.