Australia: Sydney-based developer Crown Group is pressing ahead with plans to expand in to the luxury serviced apartment sector.
The company is concentrating on serviced apartments – its “sky suites” division – which will also include hotel services such as restaurants, bars and meeting rooms.
The 75 suites in Crown’s Parramatta project would be the first five-star project serviced apartment project for Sydney according to Crown chief executive Iwan Sunito. By 2019, Crown will have 253 suites, initially in the Sydney CBD, Parramatta and Sydney’s Green Square, with the aim of creating a global brand
Crown is talking to partners about developing the sky suites product in Asia, most likely in Crown’s mixed-use apartment project in Indonesia, and still hopes to develop projects in Los Angeles.
The group is also looking to sell a 30 per cent stake in the company, ahead of a future flotation. Sunito said negotiations were under way with an offshore group to take a cornerstone stake in Crown.
“2018 is really when I am hoping that we can starting floating in a small way. The first stage is engaging with different groups (in partnerships). It’s not just the capital, its what synergies we can create together,” said Sunito.</p
