Opulent apartment towers take service to the next level

Sydney is readying for a wave of new luxury apartment towers that are being pitched as redefining city living.

An artist’s impression of One Circular Quay, Sydney.

Sydney is readying for a wave of new luxury apartment towers that are being pitched as redefining city living and some of the best options will have luxury service on tap as they have hotels on their doorsteps.

The city’s much vaunted wave of towers in prized locations, including Sydney’s Circular Quay and the rival Barangaroo precinct, which are being developed by high-profile companies including Crown, Lendlease and AWH Investment Group, are a case in point.

But all these ultra-luxury projects are to come.

The Opera Residences, where the penthouse sold for $27m, to businessman and philanthropist Robert Salteri and his wife Kelly in 2015, will be completed first, and resales to local buyers are easily surpassing original purchase prices.

Other nearby projects include AMP Capital’s Loftus Lane and a luxury redevelopment of the Sirius Building, where JDH Capital will replace 78 rundown public housing units with a premium boutique development of similar scale with agent CBRE already registering interest.

CBRE residential chairman Justin Brown would not elaborate on the mega projects to come but pointed to sales in suburbs including Neutral Bay, Drummoyne and Tamarama, saying pricing records were being set in these exclusive areas.

Also on the rise is Aqualand’s just completed $420m development, Blue at Lavender Bay, where three-quarters of apartments have already sold, including a recent exchange on a $6.95m three-bedroom apartment.

The developer is also bringing to market a larger project in Walker Street, North Sydney, with the 400 apartments slated to launch next July.

Meanwhile, the long-awaited One Circular Quay project is moving ahead. The lavish project, that has changed owners twice since being launched by Chinese company Wanda, is being quietly promoted and a sales suite being readied by CBRE.

Aqualand’s spectacular Blue at Lavender Bay.

The project was bought by development company Yuhu, however the developer’s founder, the controversial businessman and political donor Huang Xiangmo, has been barred from returning to Australia.

Shortly after his visa was cancelled Mr Huang sold his half-share in One Circular Quay, and the three-tower Jewel apartment project on the Gold Coast, for $575m.

Preparations are being made by developer AWH Investment to relaunch the Sydney project, with buyers seeking a perch in the 60-storey glass and stone residential building designed by Kerry Hill Architects with Crone Architects as principal architect on the overall project.

An adjacent five-star hotel, with 28 levels and just 181 rooms, designed by Japan’s Kengo Kuma Architects, has already attracted interest from operators including Waldorf Astoria Hotels and Resorts and Rosewood Hotels & Resorts. Neither of the potential operators would comment when contacted by The Weekend Australian.

But the real race will be luxury units in the residential tower, with domestic buyers likely to dominate while Chinese buyers are unable to travel.

The project is expected to smash records in Sydney and the penthouse had previously drawn offers of about $100m due to its proximity to Sydney Opera House and unique views.

Those close to the project have insisted that it would always have had a domestic flavour even though during the Chinese property boom it appeared that Asian money would have dominated the tower.

The Barangaroo precinct has run hot and a Chinese-born buyer laid out more than $140m for the top three floors of Lendlease’s nearby under-construction Tower 1 development at Barangaroo South.

That off-the-plan sale included the two-storey penthouse of the Renzo Piano-designed building, and a sub-penthouse, and the developer is now readying to bring the second tower to market.

Other parts of the city are also firing. The luxurious $325m The Harrington Collection residences by Golden Age Group and Hannas have also just topped out.

Designed by architect FJMT, the 58 luxury residences are almost sold out. But a stunning four-bedroom penthouse, with a dedicated rooftop terrace, is available for close to $40m through Laver Residential’s Dennis Vertzayias and Sam Elbanna.