This article is from the Australian Property Journal archive
PROPERTY developer Crown Group has partnered with Mitsubishi Estate Group to develop the $500 million Mastery project in Sydney’s inner suburb of Waterloo.
Located 48 O’Dea Avenue, the development will be made up of five buildings with 374 apartments and penthouses, as well as a ground-floor retail precinct with a restaurants, cafés and shops, with Sydney’s first Japanese “eat street” at its door step.
The project was designed by world-renowned Japanese architect Kengo Kuma, Japanese-born Sydney-based architect Koichi Takada and Sydney’s Silvester Fuller.
Crown and Mitsubishi have launched the project to the Sydney market ahead of promotion in Shanghai, Hong Kong, Jakarta, Surabaya, Singapore and Tokyo. Construction is underway and scheduled for completion in 2020 for four low-rise buildings, and 2021 for the high-rise building.
Crown Group Chairman and Group CEO Iwan Sunito said the collaboration with Mitsubishi Estate Group’s residential arm, Mitsubishi Jisho Residence, demonstrated both parties’ great confidence in the Sydney market, particularly in well-located areas primed for growth.
“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,” Sunito said. “This is about collaboration and also learning from such an amazing organisation,”
MJR senior managing executive officer, Yutaro Yotsuzuka said, the group sees “great opportunities in Sydney’s property market and we have a strong belief in this global high-growth market.”
This latest partnership reflects the growing interest from Japanese conglomerates in Australia.
In July Tokyo-based train company Odakyu Electric Railway teamed up with Japan’s largest homebuilder Daiwa House Industry to develop a JPY¥50 billion, 1,500-lot residential housing development in Sydney.
This project is also the first overseas collaboration between the two Japanese giants and Daiwa House’s inaugural major development project in Australia.
Australian Property Journal
