Crown Group launches its largest development — in Eastlakes, Sydney

/ EdgeProp
May 29, 2018 7:00 AM SGT
Sydney-based property development and investment company Crown Group unveiled its latest development — in Eastlakes, a suburb located 6km south of the Sydney CBD — last month. The A$1 billion ($1.02 billion) project marks Crown Group’s largest development so far. The developer has established a reputation for developing premium, high-rise condominium projects in the CBD.
Eastlakes Live is Crown Group’s newest mixed-use development in Sydney (Picture: Crown Group)
The Eastlakes development comprises two parts. The first is Eastlakes Live, a new high-density “urban resort” sitting on a 2.5ha site with 134 residences; a retail podium with 12 outlets, two major supermarkets, cafés and restaurants; a market square; playgrounds; a village green; as well as public outdoor space for community events.
The second part of the Eastlakes development includes the Eastlakes Shopping Centre located across the road, which Crown Group will be redeveloping. Crown Group purchased the shopping centre in late 2015. Opened in 1965, Eastlakes Shopping Centre is one of the oldest malls in Sydney. Crown Group intends to redevelop the property into a new retail project to complement Eastlakes Live.
The first phase of 134 residential units at Eastlakes Live, to be launched on June 2, will comprise a mix of one- to three-bedroom units of 495 to 1,249 sq ft, as well as penthouses of 1,184 to 1,249 sq ft. Prices start from A$760,000. The first phase is scheduled for completion in 1Q2021. The remaining 400 units will be released for sale at a later date.
The first 134 units at Eastlakes Live will be launched for sale on June 2 (Picture: EdgeProp Singapore)
“Due to zoning restrictions and sustainability factors, it is difficult to find appropriate sites for [high-density, mixed-use] developments such as Eastlakes Live in Sydney,” says Crown Group chairman and group CEO Iwan Sunito in an interview with EdgeProp Singapore.
Eastlakes Live has already exceeded its expressions of interest target, with more than $134 million worth of potential sales booked prior to its launch next...