Crown Resorts’ attempt to sell a luxurious AU$90 million penthouse atop its Crown Sydney casino resort has captured attention, reflecting the challenges and opportunities in the high-end real estate market. Despite its opulence and strategic location, the apartment has remained unsold since 2021, prompting innovative strategies to attract potential buyers.
The Property Overview:
The apartment, spanning an impressive 800 square meters (8,600 square feet) on the 81st floor of Crown Sydney, offers unparalleled luxury. Boasting six bedrooms, a terrace, gym, wine cellar, internal elevators, and a private garage for four vehicles, it epitomizes exclusivity. Residents enjoy 24-hour concierge services and VIP treatment at Crown Sydney’s premier establishments, albeit with substantial management fees.
The Sales Strategy:
Crown Resorts has enlisted Monika Tu, renowned for her success in selling Australian properties to affluent Chinese buyers, to spearhead the sales campaign. Despite Tu’s expertise, the decline in demand from the Chinese market poses a significant challenge. To entice potential buyers, Crown has reduced the asking price from AU$100 million to AU$90 million, though it remains one of the nation’s most expensive homes at AU$112,500 per square meter.
Market Dynamics:
The decline in demand from the once-booming Chinese VIP market has impacted Crown Sydney’s original business model. Originally tailored to cater to this demographic, the resort opened in 2021 amidst scrutiny over its relationship with Asian junket operators. While the casino aspect was later approved, lackluster demand led to the closure of one gaming floor and reduced operating hours for the other.
Regulatory Challenges and Rejuvenation Efforts:
Crown Resorts’ journey has been marked by regulatory challenges and efforts to rejuvenate its gaming business. Despite initial setbacks, the company has been deemed suitable to hold casino licenses in both Melbourne and Sydney, signaling a potential resurgence. This renewed focus may pave the way for revitalizing its gaming operations and redefining its market positioning.
Monika Tu’s Perspective:
Monika Tu, confident in the property’s appeal, emphasizes its unmatched quality, views, and location. She recognizes the discerning tastes of affluent buyers and underscores the unique opportunity the penthouse presents. Tu’s sales pitch emphasizes urgency, urging potential buyers to seize the chance to own “the best thing in Australia” before it’s gone.
The story of Crown Sydney’s AU$90 million penthouse encapsulates the complexities of luxury real estate sales amid evolving market dynamics and regulatory landscapes. As Crown Resorts navigates these challenges, the penthouse remains a symbol of prestige and exclusivity, awaiting its discerning owner to claim a piece of Australia’s finest.