Sydney home sets new waterfront record

THE SYDNEY prestige property market is on fire as the unstoppable Ray White Double Bay director Craig Pontey confirms the prized property Phoenix Acres in Vaucluse just sold for a record waterfront price.

The grand six-bedroom mansion at 38B The Crescent, Vaucluse which sits on 3,731sq m of land with deep harbourfront access has been owned by Singaporean businessman Chio Kiat Ow for the past 22 years.

Mr Ow, chairman of luxury hotel, commercial and retail property developer Stamford Land Corporation and who founded the Singaporean Shipping Company, hosted many world leaders at Phoenix Acres, which also boasts its own English pub.

The trophy home took exactly eight weeks to sell to a local family via an expressions of interest campaign which attracted international media attention and buyers.

The exact sale price of the property, which was bought for $7.oo1 million 22  years through the same agent, remains highly confidential.

“In a bid to respect my seller and buyer’s wishes I cannot reveal the final sale price but I can confirm that contracts have now been exchanged for a record price making it the highest residential waterfront sale of all time,” Mr Pontey said.

The all-time highest price house in Australia was achieved when Elaine in Double Bay sold for $71 million and the Packer’s Vaucluse home sold for $70 million.

But neither of these trophy homes are on the waterfront, unlike Phoenix Acres which has a rare 81m frontage to Sydney Harbour.

“So we achieved a waterfront record price for Sydney, and in fact Australia,” Mr Pontey said.

“After an extensive local and overseas marketing campaign, the enquiry level was extremely strong so it’s a great sign of confidence in the Australian top-end market.

“Opulent homes like this traditionally take 12 months or longer to sell but in this instance we had a number of cash buyers keen to do a deal before Christmas.

“It was hugely satisfying for all involved to have achieved not only the highest waterfront sale of all time but to have have achieved the third highest residential sale in all of Australia.

“It is truly a great result for my vendor Mr Ow who I have worked with and respected for over 22 years.

“I had interested buyers fly in from all over China,  and the US to have a look at Phoenix Acres. I had interest from India too. But in the end it was a local family who will move in and love this home, no doubt for many years to come,” Mr Pontey said.

Phoenix Acres is a palatial residence commanding iconic Harbour Bridge and City skyline views from a prized 3,731sq m waterfront parcel.

Featuring a rare 81m wide water frontage with private boathouse and jetty facilities, Phoenix Acres boasts multiple indoor and outdoor entertaining spaces to embrace the spectacular harbour outlook in absolute privacy.

Just metres from Kutti Beach and Watsons Bay Village, this is truly an enviable harbourfront lifestyle in a home of grand proportions.

High a res photo of Craig Pontey and 38B The Crescent, click here

YouTube link, click here

For ALL media enquiries contact:

Ray White Double Bay

Director Craig Pontey

0419 40 40 40

9302 1666

Alex Tilbury

Ray White Media Manager

0413 842 112