Castle Residences in Sydney CBD secure 50 percent initial sales

Castle Residences in Sydney CBD secure 50 percent initial sales
Castle Residences in Sydney CBD secure 50 percent initial sales

Just half the apartments on offer in Castle Residence, a $380 million residential project in Sydney’s CBD, sold at its weekend launch.

Located at 203 Castlereagh Street, Castle Residence is the flagship Australian project for international property developer, Shanghai United.

The sales were topped by the 300 sqm penthouse at the project which sold for $18 million ahead of the launch. 

The residential development will incorporate a redevelopment of the heritage listed Porter House into a luxury 121-room boutique hotel in partnership with AccorHotels.

Built in 1876, the original sandstone arches of the five-storeys high, heritage-listed Porter House – long considered “an ornament” to this part of the city – will be extended into a modern structure that floats overhead.

The premium hotel services will also be available to residents. 

Castle Residences in Sydney CBD secure 50 percent initial sales

The building has been designed by architectural firm Candalepas Associates.

The project is being marketed by CBRE.

At the Saturday launch, the highest priced apartment sold was a three-bedroom apartment on the upper floor for $5.8 million while a number of two-bedroom apartments with views also sold for between $3.5 million and $4 million.

CBRE managing director David Milton said there was a broad mix of buyers at the launch, ranging from owner-occupiers to investors.

“We found buyers were eager to secure themselves a piece of real estate in the highly sought after Hyde Park precinct due to the unbeatable proximity to all Sydney CBD has to offer,” Milton said.

He added that many buyers were interested in the dual key apartments, which allow for flexible living with the buyer residing in one side of the apartment looking to rent out the adjoining unit.

Shanghai United is a $19 billion company based out of Shanghai.

Proximity to the CBD makes the Hyde Park precinct one of Sydney’s most sought-after addresses with a recent CBRE report suggesting there was increasing demand for residential apartments in the CBD.

The report said the popularity of two-bedroom CBD apartments showed no signs of abating, comprising 49% of sales.  There was also continuing strong demand for 3+ bedroom luxury apartments in the city from downsizers and empty nesters.

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Sydney Cbd Residential Apartments

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