Australia Crown Resorts One Barangaroo property prices could fall, but wealthy owners won’t care

Crown Resorts

High-rolling buyers of the luxurious Barangaroo apartments owned by Crown are unlikely to be bothered if the casino no longer goes ahead, despite the possibility it could affect the value of properties, according to industry insiders.

Questions have been raised over the potential financial impact the scathing Bergin report into Crown Resorts could have on its mixed-use building at Barangaroo, which houses a hotel, restaurants and residential apartments, after the inquiry found Crown was unfit to hold a licence for its new Sydney casino.

Chinese property portal Juwai helped market the Barangaroo precinct to the Chinese market online two years ago. Founder and executive Georg Chimel said the recent developments would not detract buyers in the area.

“Our experience with scores of Asian buyers suggests that the casino would have been nice and would have generated demand, but its delay or absence is no dealbreaker for the suburb,” Mr Chimel said, adding he expected price growth in the suburb in 2021 and beyond.

Read the full article here.

Source: Domain

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