Construction has now commenced on the $110 million Sanctum by Crown development in Rhodes, designed by Joshua International Architects.
Earthworks are currently taking place on site and completion of the waterfront apartments is expected within 16 months.
The development is taking place opposite a planned $300 million marina in the inner-west suburb by Homebush Bay.
Features of Sanctum will include an outdoor water feature “upon which a gazebo will seemingly float”, accessed by an adjoining path and hotel lobby style foyers.
It is situated on a peninsula location overlooking the Parramatta River, close to Sydney’s Olympic Park.
Since launching sales last year, the Crown Group has sold 75 apartments off the plan at the development and with 74 apartments remaining.
Seven penthouse apartments worth about $1 million each sold in six months, which the agent cites as an indicator that the high end middle market is gaining momentum.
The developer last year sold a 184 sqm three-bedroom penthouse at the Sanctum development for $1.45 million, a price believed to be the highest paid for an apartment in the area.
Crown’s head of sales Kym Rogers said the panoramic water and city sky-line views from all of Crown’s Platinum Penthouse Collections, together with impeccable finishes and design features of common spaces in the developments, continue to be clinching factors for buyers.
“All of our penthouses offer oversized balcony areas which can be seamlessly converted into either indoor or outdoor spaces,” Rogers said.
