Crown Group Partners With Mitsubishi Jisho Residence to Develop $500M Inner Sydney Community
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Australian residential property developer Crown Group today announced it has formed a new strategic alliance with one of the world's largest real estate developers, Mitsubishi Estate Group, to develop a vibrant new community in Sydney's inner suburbs, called Mastery by Crown Group.
Located at 48 O'Dea Avenue, Waterloo, Mastery by Crown Group is a $500 million development that will be made up of five buildings offering 374 studio, one, two and three-bedroom apartments and penthouses. Sophisticated resort-style facilities will include an infinity-edge cantilevered rooftop pool, a gym and community room, as well as a ground-floor retail precinct with a mix of restaurants, cafes and shops.
Residents will have a novel new dining concept on their doorstep: Sydney's first Japanese eat street, offering outlets styled on Tokyo's Shibuya and Shinjuku special wards, to bustling Izakaya, as well as sushi trains, ramen restaurants and the more formal tea houses that serve Cha-kaiseki
The highly anticipated Mastery project is designed by world-renowned Japanese architect Kengo Kuma, Japanese-born Sydney-based architect Koichi Takada and Sydney's Silvester Fuller.
It launched to the Sydney market on 17 November 2018 and will also be promoted in Shanghai and Hong Kong (China), Jakarta and Surabaya (Indonesia), Singapore and Tokyo (Japan). Construction is underway, scheduled for completion in 2020 for four low-rise buildings and 2021 for the high-rise building.
Crown Group Chairman and Group CEO Iwan Sunito said the collaboration with Mitsubishi Estate Group's residential arm, Mitsubishi Jisho Residence, demonstrated both parties' great confidence in the Sydney market, particularly in well-located areas primed for growth.
“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,” Mr Sunito said. “This is about collaboration and also learning from such an amazing organisation.”
As part of its expansion program, Crown Group has secured prime development sites in Brisbane, Melbourne and in Los Angeles, USA. The company differentiates itself by adding serviced apartment hotels and high-end retail to its portfolio of urban residential developments.
The collaboration with Crown Group also meets Mitsubishi Estate Group's desire to establish long lasting partnerships with like-minded business leaders, to create the best new communities around the world.