THE recently launched Cygne Crawley Edge apartment project has proven to be an early success in the Perth market, revealing that demand for premium apartments remains sound.
Less than a month after its market release, four apartments in the eight-level, $24 million, 14-apartment SCLand project are under offer and its 531 square metre penthouse has been purchased for $3.5 million. The nine apartments remaining in the project range in price from $1.88 million to $2.28 million.
In recent years Perth’s premium apartment market has been reaching new highs.
Last year, Cape Bouvard Investmests sold Perth’s most expensive apartment – a top-floor penthouse in its proposed $150 million Icon apartment development – for $6.8 million.
Before the sale, Multiplex held the record for its Raffles tower penthouse, which sold for $6.7 million.
SCLand managing director Lance Chu said the level of supply for the quality of product Cygne offered was limited in Perth.
“Our assessment is that the demand for high-end luxury and contemporary architecture in a prestige location is strong in Perth and that purchasers are very discerning,” he said. “They know the standards, quality and nature of the architecture they expect.”
Mr Chu said Western Australians were extremely quality conscious and had shown their appreciation for thoughtfully conceived architecture.
“Cygne has been designed to achieve an overall sophisticated feel with contemporary and bold architecture that will give the building a very special identity,” he said.
Mr Chu said his company was pleased to have achieved the high level of interest so quickly, particularly from a discerning market on an unreleased project.
Selling agent Dee Seed said Cygne Crawley Edge had immediate appeal for high-end purchasers and would quickly become recognised as a classic modern apartment building that would become a design icon.
Construction is set to begin at the Mounts Bay location within the next three to four weeks and be completed by July 2005.
