Crown Group Boss Spokes Government Policy in Infrastructure Pushes Property Price Increase

By : Ridwan And Aldi Firhand. A | Monday, May 21 2018 - 21:11 IWST

CEO Crown Group, Iwan Sunito
CEO Crown Group, Iwan Sunito

INDUSTRY.co.id - Jakarta, Crown Group CEO Iwan Sunito stressed that it is very important for developers to look at the development policy direction of the government before deciding to build a residential or regional project.

"For example, look at what we did at Parramatta in 2012. We see the direction of the NSW government's development policy leading to the west of Sydney, which is why we decided to build a vertical village in Parramatta, the V by Crown Group, the price is very significant, "said Iwan through his written statement in Jakarta, Monday (21/05/2018).

"From the selling price at that time was Rp5, 75 billion for the apartment with type 2 bedroom, currently has reached the range of Rp11, 73 billion or an increase in price as much as 104%," added Iwan

Meanwhile, continued Iwan, for the type 1 bed apartment, the price at the time of launch is Rp4, 67 billion at this time the price has reached AUS $ 7.62 billion or increased price by 63% within the period of 5 years

"That's what drives us to rebuild Eastlakes Town Center into Eastlakes Live by Crown Group which will become an iconic new hub in the region," he explained.

According to him, the company also looks at the direction of government policy to build new transportation facilities. The Inner West Light Rail Train in the Kensington / Kingsford area has begun its construction process in January 2018, and this will further make Eastlakes more mobile and more connected to other areas including the CBD.

"Currently the price range of vertical housing in the region is at Rp 6 billion for 1 bedroom apartment, and did not rule out when the Light Rail system has been realized, the price will certainly jump," he said.

He added, this kind of information becomes very important, especially for prospective investors from Indonesia who want the growth of the value of the occupancy of each investment they do.

"One thing that is also important for investors from Indonesia is, Eastlakes area is also very close to Kampung Indonesia, which is an area with many Indonesian restaurants scattered around the Kingsford-Randwick area such as Ayam Goreng 99, Shalom Indonesian Restaurant, Jimbaran Restraurant and Ubud "Added Iwan Sunito.

The construction of the Rp10 trillion project was designed by Sydney-based architect, fjmt, Eastlakes Live by Crown Group aims to set new standards for retail excellence with two large supermarkets offering fresh food, reflecting environmental diversity, culinary centers, street cafes, medical centers , as well as lush gardens and children's play area.

The fjmt design has been awarded some of the industry's most prestigious awards including; UDIA NSW's award for Excellence in High Density Development project for Anadara, Barangaroo, the City of Sydney Lord Mayor's Prize for Liberty Place in Sydney and NSW Master Builders Award for 'Public Building' Waterfront Pavilion.

Eastlakes Live by Crown Group will be located above the new Eastlakes Town Center, a new restaurant and retail area, offering residents with different spaces and experiences to interact or relax.

The new Town Center will be designed as a modern leisure place that will become a benchmark with retail advantages that have large supermarkets, fresh food, restaurants, street cafes, and a green medical center and park.

The first phase of the Eastlakes Live development will feature 134 luxury apartment units ranging from one-room type, down to Penthouse and 12 retail outlets downstairs.

The second phase of Eastlakes Live will complement the new town center with a mix of residential and retail components.

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