Australian residential property developer Crown Group and Mitsubishi Jisho Residence (MJR) have formed a strategic alliance to develop the new $500m Mastery by Crown Group community in Sydney.
Mastery by Crown Group will be located at 48 O’Dea Avenue in Waterloo and has been designed by Sydney-based architect Silvester Fuller, as well as Japanese architects Kengo Kuma and Koichi Takada.
The development will comprise five buildings offering 374 studio, one, two and three-bedroom apartments, as well as penthouses.
Resort-style facilities such as an infinity-edge cantilevered rooftop pool, a gym and community room, in addition to a ground-floor retail precinct, will be available.
Crown Group chairman and CEO Iwan Sunito said: “It is such an honour and privilege to partner with Mitsubishi Estate Group, one of the world’s largest and most respected real estate investors and developers.”
The project was launched to the Sydney market this month and is to be promoted in China, Indonesia, Singapore and Japan.
Construction is currently underway, with completion expected to take place in 2020 for four low-rise buildings and 2021 for the high-rise building.
Crown Group has secured prime development sites in Brisbane, Melbourne and Los Angeles for the expansion programme.
MJR senior managing executive officer Yutaro Yotsuzuka said: “We see great opportunities in Sydney’s property market and we have a strong belief in this global high-growth market. Together, we can realise Crown Group’s monumental vision of the revitalisation of this up-and-coming architectural precinct, Waterloo, in the heart of Sydney.”