(Bloomberg) -- Crown Resorts Ltd. is poised to relaunch a A$90 million ($59.4 million) penthouse in its Sydney skyscraper under new selling agents after the property failed to sell.
Just months after Crown cut the six-bedroom apartment’s asking prices by 10% and appointed TV personality Monika Tu as selling agent alongside Knight Frank, the company said it has now named The Agency and Colliers International Group Inc. to push the sale.
The Agency’s co-founder Steven Chen said the first stage of the marketing will be by invitation only and will begin in the coming weeks, followed by a new campaign in the fourth quarter. The relaunch was first reported by the Australian Financial Review, which said the penthouse will be equipped with high-end furniture and technology.
The 800-square-meter (8,600-square-foot) duplex has been on the market since at least 2021 when the One Barangaroo tower was completed. Conceived in an age when Chinese cash flooded the globe, elevating asset prices from Sydney to London, the property’s target market has all but disappeared as crackdowns by Chinese President Xi Jinping cut the fortunes of the country’s elite and choked outflows.
In May, Tu told Bloomberg TV she was “super confident” of selling the property this year. When contacted on Friday, she did not respond. Crown confirmed the change of agents, without providing any further details. Representative of Colliers weren’t immediately available for comment.
The complex was a pet project of billionaire James Packer before the uncovering of wrongdoing at Crown’s casinos in Melbourne and Perth prompted him to sell his stake in the company two years ago. At A$112,500 per square meter, the penthouse would be one of the country’s priciest homes ever sold, based on publicly available records.
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