Ann: Lendlease Strategy Update, page-32

Prolific property investor Qing Zhong has paid $38.95 million for an entire floor of the tallest tower in Lendlease’s One Sydney Harbour three-tower luxury apartment project in Barangaroo.

Zhong purchased the three apartments in one line that comprises an entire floor – level 59 – of the 72-storey luxury residential tower. The floor has panoramic views across Sydney, including northerly views of city icons the Opera House and Sydney Harbour Bridge.

An entire floor of One Sydney Harbour’s tallest tower (second tower from right) has been purchased for about $39 million. Rhett Wyman

The hefty multi-sale is one of the last off-the-plan purchases to settle in the now completed Residences One, and has Zhong collecting the keys just in time to enjoy Sydney Harbour’s annual winter light show, Vivid, from pole position.

Designed by acclaimed Italian architect Renzo Piano, the three-tower project sits on the western fringe of Sydney’s CBD, and is located across the road from Crown’s distinctive curved tower.

Lendlease told AFR Weekend that 99 per cent of the pre-sold apartments have now settled. However, mystery still shrouds the buyer of the tower’s mega penthouse – which is a combined penthouse and sub penthouse – and clocked the Australian private dwelling record when it sold for $140 million in 2019. The penthouse is understood to be on track to settle later this year.

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New One Sydney Harbour resident Zhong’s $38.95 million splurge is the latest addition to a commercial and residential portfolio worth at least $93 million, according to CoreLogic records.

This includes about $54 million worth of property owned by Zhong Commercial Properties Pty Ltd, of which the Shanghai-born 55-year-old is the sole director.

Render of interior of a luxury apartment inside Lendlease’s One Sydney Harbour.

That company owns a $15 million commercial property purchased on New South Head Road in Rose Bay, a 10-hectare vineyard retreat in the Hunter Valley and multiple commercial spaces in Jones Bay Wharf.

Higher up the tower, a single luxury apartment has recently settled for $21 million to surgeon Franklin Yee and his wife, Gloria. It is understood that apartment is a few floors below the penthouse.

The final settlements in the Lendlease’s landmark luxury residential project coincide with news the developer will soon begin its retreat from global operations, exiting or selling more than $4 billion in works across the United States and the United Kingdom.

The reset returns the developer’s focus to Australia, where just last week it began pitching a hybrid timber office development in Sydney’s CBD and a luxury apartment project in Melbourne as part of its $4.5 billion turnaround plan.

The luxury facilities at One Sydney Harbour include a pool, steam room and private dining rooms.

Meanwhile, construction is well under way at Lendlease’s landmark luxury project One Circular Quay that is slated for completion in late 2026. That project – located at the old Gold Fields House site between the Harbour Bridge and Opera House – offers 158 luxury apartments across 58-storey levels.

One Circular Quay is expected to be the site of Australia’s most expensive penthouse, with industry sources tipping the One Circular Quay penthouse will top the $140 million achieved at One Sydney Harbour.