Malaysian entrepreneurs snap up apartments in Packer‘s Crown Towers

Malaysian-born entrepreneurs buy two $22.4m apartments in the soaring Crown Residences. A former Sydney mayor will also move in.

The Crown tower at Barangaroo, on the right. Picture: Nikki Short

Malaysian-born real estate and shipping entrepreneurs have splashed out nearly $45m buying two luxury apartments in James Packer’s Barangaroo tower in Sydney.

Meanwhile a former Sydney lord mayor spent $17.5m on a unit in the soaring One Barangaroo Crown Residences building, which has attracted a series of cashed-up buyers.

The identities of buyers in the 82-unit tower continue to be revealed, as apartment sales settle and buyers move in.

James Packer himself is yet to settle his $60m acquisition of a two-storey apartment because it has yet to be fully completed, according to senior sources.

Nelson Meers, a former Sydney’ lord mayor, and his wife Carole have purchased an apartment with no mortgage in place.

The Meers family, who are involved with hotel investment and have relocated from their Point Piper apartment, declined to comment to The Australian.

Other captains of industry who have bought into the tower include investment banker Trevor Rowe, the former head of Rothschilds who spent $13.5m on an apartment. As previously revealed by The Australian, industrialist Luke Hepworth paid $9.4m for a unit.

But it is the Kuala Lumpur-born directors of several companies who paid $22.4m each for two apartments, which is of particular note.

One was bought by Lau Brothers Properties which is registered in Australia and is thought to be involved in the Malaysian shipping industry through the Keyfield Group. Directors include Calvin Lau and William Lau.

Tan KL Properties, which shares a director with Lau Brothers, bought the adjacent apartment in the Crown complex.

The Lau brothers, Calvin and William, own the Lavin Group, an investment holding company.

The business interests of Lavin Group range from oil and gas, aviation, real estate and palm oil plantations and related business in Malaysia.

They also own Charter Group Aero and both brothers are listed as active and experienced licensed private pilots for both helicopters and fixed-wing aircraft.