Sky is the limit with $141m apartment sale

Who says apartments are cheaper than houses? A new three-floor harbourside penthouse has set a new national price record selling for a whopping $141.55 million, according to Australian Financial Review.

With no registered mortgage, Chinese-born company director 37-year-old Yan Zhang owns the top three floors of the One Sydney Harbour development, ending some of the mystery since it sold off the plan in 2019.

The ginormous 1980 square metre apartment is an amalgamation of the two-storey penthouse of the Renzo Piano-designed building and a sub-penthouse directly below, for friends and family to stay in.

Do the dollars make sense?

The sale tops all of Australia’s previously confirmed house and apartment records, including the $130 million sale of the Point Piper mansion Elaine.

Traditional property valuations say houses are worth more because they sit on more land. But luxury apartments are changing the rules. Their value is often driven by global demand—not just the local market.

The six bedroom Crown penthouse on level 81 and 82 at Barangaroo held the previous priciest apartment record, with sources saying it sold for between $70 to $80 million in June this year, according to Realestate.com.au.

The Daily Telegraph is reporting the strata fees for the penthouse will by sky high due to holding 6903 of the 100,000 unit entitlements.

The News Corp tabloid says its quick back-of-an envelope calculation puts the combined quarterly strata levies at a staggering $107,000 given the 89-storey building’s $6.2m annual levies. But if you can fork out $141.55m, what’s a hundred grand here or there?

 The Sydney One building uses smart design to include natural ventilation, plenty of natural light, solar panels, and a high-performance double-skin façade that lets residents control ventilation in their own apartment. It has top and bottom vents to manage airflow and wind pressure. An external fabric blind inside the cavity provides shading and helps keep temperatures comfortable.

The building also includes a concierge, a luxury pool and spa and all those other good things you’d expect $107,000 quarterly levies to buy.