Crown Group, MJR to develop new mixed-use scheme in Australia
November 30, 2018 – Australian residential property developer Crown Group has formed a strategic alliance with real estate developer Mitsubishi Estate Group to develop a new community, called Mastery by Crown Group, in Sydney, Australia.
The A$500m ($366m) development, located at 48 O’Dea Avenue, Waterloo, will comprise five buildings that will offer 374 studio, one-, two- and three-bedroom apartments and penthouses.
Modern, resort-style facilities will include an infinity-edge cantilevered rooftop pool, a gym, a community room, and a ground-floor retail precinct with restaurants, cafes and shops.
The development will include Sydney’s first Japanese eat street, which will offer outlets styled on Tokyo’s Shibuya and Shinjuku special wards, informal Japanese pub Izakaya, sushi trains, ramen restaurants and tea houses that serve Cha-kaiseki.
The Mastery project has been designed by Japanese architect Kengo Kuma, Japanese-born Sydney-based architect Koichi Takada and Sydney’s Silvester Fuller.
The project has been launched to the Sydney market in November 2018 and it will also be promoted in Shanghai and Hong Kong (China), Jakarta and Surabaya (Indonesia), Singapore and Tokyo (Japan).
Construction has already commenced. Four low-rise buildings are expected to be completed in 2020 and the high-rise building in 2021. Premium apartments are priced from A$632,000 (approximately $463,164).
Crown Group is collaborating with Mitsubishi Estate Group’s residential arm, Mitsubishi Jisho Residence (MJR), for this project.
Crown Group chairman and group CEO Iwan Sunito said: “It is such an honour and privilege to partner with Mitsubishi Estate Group, one of the world’s largest and most respected real estate investors and developers.
“This is about collaboration and also learning from such an amazing organisation.”
Crown Group has secured development sites in Brisbane, Melbourne and in Los Angeles, US, as part of its expansion programme.
MJR senior managing executive officer Yutaro Yotsuzuka said: “We are honoured that this reliable and award-winning developer Crown Group is working with us.
“We see great opportunities in Sydney’s property market and we have a strong belief in this global high-growth market.
“Together, we can realise Crown Group’s monumental vision of the revitalisation of this up-and-coming architectural precinct, Waterloo, in the heart of Sydney.”