News National The Aussie apartment worth $100m

The Aussie apartment worth $100m

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A three-storey penthouse on top of James Packer’s proposed Crown Sydney Hotel could fetch as much as $100 million, becoming Australia’s most expensive property.

Crown has yet to lodge an application for the proposed 69-storey hotel and casino resort in Sydney’s Barangaroo, but plans for the penthouse have been revealed by architecture firm Wilkinson Eyre, according to a Fairfax report.

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And what do you get for $100 million? None of the reports detail the features of the penthouse, but similarly expensive apartments around the world boast bullet-proof windows and purified air systems.

The sale of the apartment alone would recoup the entire $100 million licence fee that Crown has paid to the NSW government to operate a VIP-only casino in the resort.

It is unclear whether the apartment will be privately sold or used to accommodate international high rollers visiting the VIP-only casino.

Justin Brown, chairman of real estate firm CBRE, said that the apartment would generate interest from international buyers, with a similar apartment in London recently selling for $255 million.

“Penthouse apartments are selling in New York and Hong Kong for $100 million. Something like that at Crown could be the first property in Australia to break $100 million because it will seriously position itself globally,” he said.