Crown Resorts close to $67 million sale of Sydney penthouse: Australian Financial Review
Sign up now: Get ST's newsletters delivered to your inbox
With a sale proving elusive, the asking price was cut in 2024 by 10 per cent to A$90 million.
PHOTO: REUTERS
SYDNEY – Crown Resorts is close to selling a penthouse in its Sydney skyscraper for about A$80 million (S$67 million), some A$20 million less than initially hoped for, the Australian Financial Review (AFR) reported.
A local buyer, using a structured deal, is said to be about to secure the six-bedroom apartment on the 81st floor of the 271m-tall One Barangaroo tower, the AFR said, citing unidentified industry sources.
The 8,600 sq ft duplex had been on the market since at least 2021 when the tower was completed. Conceived in an age when Chinese cash flooded the globe, elevating asset prices from Sydney to London, the property’s target market has all but disappeared.
With a sale proving elusive, the asking price was cut in 2024 by 10 per cent to A$90 million and TV personality Monika Tu was named as selling agent alongside Knight Frank. A few months later, it was relaunched and The Agency and Colliers International were hired to push the sale.
Crown, The Agency and Colliers were not immediately available to comment.
The complex was a pet project of billionaire James Packer before the uncovering of wrongdoing at Crown’s casinos in Melbourne and Perth prompted him to sell his stake in the company. BLOOMBERG
