We talk penthouses with a Crown Group project director

Arc by Crown Group sets the benchmark for combining architectural beauty with luxury amenities and lifestyle.

The Super Penthouse that sits atop this striking building is the crown jewel that completes the build. It commands the prized top floor position and showcases beautiful interiors with premium quality fixtures.

GALLERY  

Prisca Edwards, a Project Director from the esteemed Crown Group team shares a unique insight into the status of penthouses in Sydney and globally.

  1. What do buyers want in a penthouse today?

People these days look for the convenience of a great location and a lock-up-and-leave lifestyle but with a sense of community and of course the best view and the highest-quality finishes in the building. It’s also that sense of being able to have something that other people don’t have. For example at Waterfall by Crown Group, penthouse residents get their own outdoor lounge area of up to 52sqm. So it’s the best of both worlds: a combination of living in a house with its own “play areas” so to speak but also having an outdoor courtyard area, all with that stunning view.

  1. What might be some of the major changes in the Sydney penthouse market over the past decade?

The biggest change is definitely in the services we offer. Ten years ago a concierge service would have seemed like a great luxury, but it’s so standard now – you get it with your Amex card or in almost any apartment building. So in this age of Uber and Airbnb, where people are used to the idea of the sharing economy, we offer services that foster a sense of community – a piano room, lounge areas, rooftop gardens, open-air cinemas, where neighbours can get to know each other. Our penthouses are also really well designed to host events, for people to entertain in great spaces with great views.

  1. Since there has been a shift with overseas buyers and investors shying away from the Sydney property market, who are today’s penthouse buyers?

You’d be surprised – it’s the mums and dads, and even first home buyers who come to us. Penthouse buyers are just people with a little more to spend and they come from all over. We have equally balanced enquiries from FIRB and local buyers. What has shifted is the speculators. With penthouses, the motivation is usually different – people want to buy the best, because they want to live in it. They are usually owner-occupiers. Or they will buy and just stay in it occasionally or hang onto it for a future date; they would never rent it out.

  1. How can brand new penthouses compete with more established luxury penthouses/apartments?

It’s the design and the location. It’s the finishes, and the hype of a new design, that is up to the minute. There is a reason people renovate their houses – to get the beautiful new finishes, the new décor. That’s what you get in a new penthouse.

  1. What is the benefit of buying a penthouse off the plan?

The potential capital gain is still there for a penthouse, so long as you have enough capital to get in. But a penthouse is rarer, so the scarcity principal applies. There are three penthouses versus hundreds of apartments, so the potential capital gains are going to be higher.

 

For more information please visit Crown Group

Images courtesy of Crown Group. We’d like to thank Crown Group for their collaboration.






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