Crown Residences at One Barangaroo sales hit $1.2 billion

As at 31 December 2021, $975 million in sale proceeds had been received

Crown Residences at One Barangaroo sales hit $1.2 billion
Crown Residences at One Barangaroo sales hit $1.2 billion

Sales of the Crown Sydney apartments at Barangaroo continue to progress, with almost $1.2 billion in gross sales and pre-sale commitments.

Based on current progress, Crown is focused on selling all apartments by 30 June 2022 through Knight Frank.

As at 31 December 2021, $975 million in sale proceeds had been received, with receipt of the final approximately $275 million in expected settlement proceeds subject to timing of the sales.

It included the $72.2 million for the off the plan purchase by Crown shareholder James Packer who bought the 48th and 49th floors.

Crown updated the shareholders in an ASX adisory that indicated only limited spend remains on the total project cost of $2.2 billion.

The expected net project cost following completion of all apartment sales, net of tax attributable to the gain on sale of apartments, will be $1.1 billion.

Gaming areas are yet to commence operation as Crown continues to work through the consultation process with the casino’s regulator, the Independent Liquor and Gaming Authority (ILGA).

Crown is hoping to see the progressive opening of the gaming floor from March.

Non-gaming operations progressively commenced trading at Crown Sydney from late December 2020.

During the period, Crown Sydney faced significant disruption as a result of COVID-19, and was closed for 102 days.

Hotel occupancy was 17% during the period.

Upon re-opening in October 2021, hotel occupancy showed improving trends, averaging nearly 40%, with higher occupancy on weekends and strong average room rates.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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