Sunito vision extends to Victoria

Iwan Sunito’s Crown Group is looking to defy the gloom around Melbourne’s heavily supplied Southbank apartment market.

Crown Group's arts-themed apartment tower approved for Southbank.

Iwan Sunito’s Crown Group is looking to defy the gloom around Melbourne’s heavily supplied Southbank apartment market through the launch of two boutique unit towers.

The buildings, being undertaken with a local developer, add to Crown’s extensive pipeline in Sydney and Brisbane. The group plans to build up a $3 billion ­operation in Melbourne.

Mr Sunito, Crown’s chairman and chief executive, said the project was part of a vision to ­expand into new markets, with projects also planned for Jakarta and Los Angeles.

“This is the part of our ‘think big, start small’ strategy,” he said. “Our bigger plan is to grow our pipeline in Melbourne, but we wanted to start with a single project first to test the market.”

Crown will be launching the new arts-themed residential project at Southbank shortly.

The two apartment towers, designed by Koichi Takada ­Architects, will seek to benefit from the Victorian government’s $200 million overhaul of the city’s arts precinct.

Mr Sunito said he was not concerned about buyer sentiment in Melbourne as work on the towers was slated to begin in 2021, giving buyers time to ­secure finance.

He said the price point in Melbourne was relatively low, with rates per square metre of about $12,000, about half that of Sydney.

The project is a joint venture with long-time Melbourne ­dev­eloper G3 Projects. The towers of 14 and 16 storeys on a corner site at 175 Sturt Street will have 152 studios, one, two and three-­bedroom apartments and common areas.

G3 Projects has several boutique unit projects in Melbourne.

Crown is spruiking the property as offering signature resort-style facilities such as a rooftop lounge and garden, theatre, children’s play area, gym and ­indoor pool. There will also be an arts space on the lower level for exhibitions and installations.

The overall precinct will house the new NGV Contemporary gallery at 77 Southbank Boulevard, a new Australian Performing Arts Gallery and an overhaul of The Arts Centre.

Architect Takada said the ­two striking curved white towers would be encircled by sinuous white ribbons.

“The ribbons will form a beautiful pattern that will gleam white, reflecting the light, creating an ever-changing canvas and a beacon to people in the surrounding area,” he said.