Downsizing demand triggering global apartment shift: Crown founder Iwan Sunito

Crown Group CEO Iwan Sunito has explained a global shift in the way people live which will continue to drive demand for housing in Sydney.

“People are increasingly downsizing, driving demand for apartments,” Sunito told the Bloomberg Economic Summit yesterday.

“There’s a change in lifestyle preferences of young and old, towards low maintenance living, close to shops, education, transport and jobs.”

He pointed out the World Health Organization (WHO) Global Health Observatory predicts by 2050 three quarters (75 per cent) of the world’s population will live in cities, up from 54% in 2014 and 34% in 1960.

Crown Group announced last week its next $250-million residential and commercial project, Crown Sydney (pictured above), to be built in the heart of Sydney - at 161 Clarence Street.

It will be launched for sale internationally on 22 November.

"Thousands of enquiries from around the globe have been submitted for the new 25-storey Crown Sydney since registrations of interest opened in March.

“A global population shift to cities is increasingly evident in Sydney as popularity soars for centrally-located apartments,” Sunito added after the summit.

Designed by internationally renowned Koichi Takada Architects and winner of an international design competition, the landmark building will feature heritage-inspired lower levels transitioning to a modern glass-and-steel tower, capped with more than a dozen steel arches.

Construction of Crown Sydney is expected to be completed in 2017.