Crown Group Waterloo project Waterfall sets sales record at launch

Property developer Crown Group’s development in Sydney’s Waterloo has sold more than $300 million worth of apartments at its launch, which the company said is a new sales record.  

The off-the-plan project, Waterfall, at 18 O’Dea Avenue will comprise 331 apartments ranging from studios to three bedroom units and even courtyard apartments and double-storey penthouses.

Prices start from from $650 000. Construction of Waterfall is expected to be completed in 2020.

Buyers snapped up $120 million worth of apartments in the first hour itself, topping the previous one-hour record of $100 million at the launch of its Infinity project in 2015, Crown Group said. 

By close of business, sales had reached $300 million globally with apartments sold in Sydney, Jakarta, Hong Kong and Singapore. The majority of apartments were sold to buyers in Sydney.

Three penthouses worth $12 million were also snapped up.

Crown Group made the decision to release additional apartments worth $100 million originally allocated for a later release, after the initial $200-million allocation of apartments were sold.

Crown Group chairman Iwan Sunito said the sales on Saturday reflected the building’s extraordinary design and exceptional location.

“We saw more people come to the launch on Saturday than we ever anticipated, many of whom were past purchasers of Crown Group apartments,” Sunito said.

Designed by Sydney-based architects SJB, Waterfall will comprise three seven-storey buildings and a 20-storey tower overlooking lush landscaping and a water garden.

A seven-storey waterfall is a focal point; set to become Australia’s tallest man-made waterfall, the media release said.

Public art by Mika Utzon Popov, grandson of Sydney Opera House architect Jørn Utzon, in the form of a large-scale artwork is integrated in the design.  

Among the amenities will be a rooftop pool with a sky garden and terrace, gym, rooftop cinema, function room with a catering kitchen and music room with grand piano. 

“This is evidence of the strong demand for high-quality apartments in the right location,” Sunito said.

Project director Prisca Edwards said buyers on Saturday were a mix of investors and owner-occupiers.

The $400 million mixed-use development will be home to six retail outlets.