Australia's Most Expensive Apartment

9 years ago
1 minutes

Australia is expected to see its most expensive apartment this year, and it isn't even built yet.

The three-storey apartment, due to sit atop of Sydney's upcoming Crown Sydney Hotel, is expected to be sold for over $100m AUD.

If the apartment is sold for that figure, then the Packer Group (led by James Packer) would almost recoup their costs to gain the licence for the right to operate a VIP-only casino.

As of December 2014, Crown had yet to even lodge a development application for the 69 storey tower, however the architects, Wilkinson Eyre, revealed the plans, with the penthouse sitting on the top.

"Right at the top we have three floors as one apartment," company founder Chris Wilkinson told a gathering of the property development industry in Sydney.

Justin Brown, chairman of real estate agents CBRE, said last year, "The penthouse at One Hyde Park [in the exclusive London suburb of Knightsbridge sold for $255 million (£140 million) recently..."

"Penthouse apartments are selling in New York and Hong Kong for $100 million. Something like that at Crown could be the first property in Australia to break $100 million because it will seriously position itself globally."

Progressions and updates are sure to follow between now and August.