Australia 108 penthouse sells at record equalling $25 million asking price
The entire 100th floor of the southern hemisphere's tallest building under construction was bought by an undisclosed businessman based in China.
The apartment cost more than $33,000 per square metre, spanning the entire top floor of Australia 108, with its own grand entrance foyer on level 98 as well as a private glass elevator.
The 750 square metre penthouse atop the Australia 108 development at 70 Southbank Boulevard, sold at the off the plan asking price. The building is due for completion in 2019.
It equals the reported sale in Sydney's Bondi Pacific at an unconfirmed $25 million last November to Andrew Roberts, the former chief executive of Multiplex.
The Bondi Beach off the plan sale was initially reported as $21 million, then advised it was higher, so still subject to conjecture. Its $25 million price reflected $28,000 for the 900 square metre Sydney beachside property. The average sale rate was $40,000 per square metre in Pacific Bondi Beach and $45,000 in the sold-out Barangaroo apartments.
The off the plan Roberts purchase is next door to the penthouse that set the previous record in 2013 at $21 million when the chief information officer of Caledonia Investments, Will Vicars, bought adjoining penthouses for $10.1 million and $10.9 million with plans to amalgamated them into one apartment.
The previous highest apartment sale was in East Melbourne of a $19.3 million sub-penthouse apartment in the prestige Salta project, 150 East overlooking Fitzroy Gardens.
Over 1,000 apartments of the 1,105 on offer at Australia 108 have been sold.
The penthouse deal was reported by Fairfax Media as done between CBRE Residential Projects and Tim Kennan, owner of KM Sales and Marketing, who was representing the project's Singapore-based developer World Class Land.
CBRE managing director of residential projects Andrew Leoncelli noted three local buyers had shown interest in the penthouse.