Tall & Urban News

Construction has commenced on Sydney-based Crown Group’s “resort style” AU$500 million (US$ 500 million) development in Waterloo.

The project, developed in partnership with Japan’s Mitsubishi Estate Group, will feature 374 luxury apartments across five buildings when complete in 2021.

One of the five buildings includes the highly-publicized Kengo Kuma-designed 19-story “stacked forest” tower.

Mastery project director Prisca Edwards says the development will also deliver Sydney’s first Japanese eat street.

“[The development] will provide Sydneysiders an option to live in the finest holiday resort destination, in the most sought-after architectural precinct, at an affordable price.”

Property affordability has been improving in the harbor city, after the bullish five-year run up to 2017 which saw Sydney housing costs surge 72 percent.

Recent housing data by Domain reveals Sydney’s housing prices fell 9.9 percent over the year to AU$1.6 million (US$1.1 million) while unit prices dropped 5.8 percent over the year to AU$702,012 (US$511,055)

CASA found the development height would affect landing procedures at the runway, which is located two kilometers to the east of Crown Group’s development site.

Crown Group’s Waterloo Mastery site sits three kilometers from Sydney’s CBD.

Three of the Mastery towers are Koichi Takada-designed, while the fifth residential building has Sydney-based architects Silvester Fuller at the design helm.

A collection of apartments are listed for sale priced from AU$632,000 (US$460,000).

For more on this story, go to The Urban Developer.