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AU Sell-out for Sydney's Barangaroo

Property Here - Monday, September 02, 2013

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Many Southeast Asian property buyers and investors were left disappointed when units at one prime Sydney development were sold out in just four hours of opening for simultaneous sales in Singapore, Australia and Hong Kong last Saturday.

Every apartment in the first phase of the much-anticipated Barangaroo development – marketed in Singapore by real estate agency CBRE – was sold shortly within hours of Saturday morning’s launch. Even the AUD10.5 million (close to S$12 million) penthouse was snapped up.

Hopeful buyers and investors in Singapore began queuing outside the St Regis exhibition venue long before the 11am opening on Saturday morning. It is believed those who were unsuccessful and who also registered their interest will be given priority for the next phase when it is launched 18 months from now.

PropertyGuru understands 159 units were available as part of the first phase although the majority were held back for Australian buyers. It is understood around 20 Singaporeans were able to purchase units at Barangaroo on Saturday – prices from in excess of AUD1 million (S$1.14 million) per unit.

Stephen Ho (pictured) Director of International Project Marketing Asia for CBRE, speaking exclusively to PropertyGuru, said: “I had a feeling we’d see good sales for this particular project but to experience a sell-out is absolutely flabbergasting.”

The experienced Singapore agent added: “I’ve never seen anything like this. We’ve still got people coming to us but they have to join a very long wait list.”

Barangaroo’s popularity is down to its waterside location just seconds from the heart of Sydney’s central business district.

“There’s never been any land in this part of Sydney become available in the last 50 or 60 years,” added Ho.

 

Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg