Crema Constructions Announced Builder for Gurner’s Lucrative $550 million Saint Moritz Project
Tim Gurner’s high-profile Saint Moritz development has announced the builder of the project in Melbourne-born Crema Constructions.
With its company origins in St. Kilda, Crema seems a fitting choice for the project at The Esplanade. The site, former home of the Novotel, is owned by Sydney developer Greg Shand and his wife Kathy.
With renowned architects Fender Katsalidis taking lead on the design and featuring a building by Koichi Takada Architects, the luxury project will feature 120 luxury apartments across three buildings with an average value of approximately $3.5 million.
“We believe the luxury end of the market has been waiting for something like this to come along,” Gurner said earlier this year.
There has been no shortage of interest in the Saint Moritz apartments – which Gurner described as “insatiable” – with over $78 million in sales across the projects’ five penthouses in just 36 hours.
In February, former Domain boss Anthony Catalano smashed Melbourne’s record for the most expensive apartment transaction with his $30 million purchase of the project’s two-storey penthouse.
At $40,000 per square metre, the sale is the second largest ever recorded for an apartment in Australia.
With the project set to officially launch mid-year with sales for the first building, Pacific House, Gurner is confident he will achieve the 60% sales benchmark to unlock project funding and kickstart construction with Crema.
“This project is an ambitious endeavour but I am very confident that the Australian market is not only ready for this level of luxury but actually waiting for it,” he said.
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