Buyers que for… wait for it… Apartments!

By 10am the crowd had ballooned to 300.

“We released 326 apartments and 105 apartments sold in the first hour,” said Crown Group chief executive Iwan Sunito.

Lucy Lu, 28, arrived early for the launch of Infinity by Crown at Green Square on Saturday.

Lucy Lu, 28, arrived early for the launch of Infinity by Crown at Green Square on Saturday.

“We sold $100 million worth of apartments in the first hour and $170 million by the end of the second hour. The total value of apartments sold had reached $350 million at 3pm”

The 326 apartments were launched simultaneously in Sydney, Jakarta, Surabaya and Singapore.

I’m concerned that so many apartments will come out by 2019.Investor Derek Chan

Mr Sunito​ said more than 70 per cent of inquiries came from Australian citizens and residents.

An artist's impression of Infinity by Crown at Green Square.An artist’s impression of Infinity by Crown at Green Square.

Lucy Lu, 28, and her husband, Steve Ho, 31, arrived early to secure a two-bedroom apartment off the plan as an investment. The couple, who own and live in an apartment in Zetland, had their eyes on a level 11 apartment for which they were prepared to pay $1.3 million.

“I’m still not sure about the price,” Ms Lu said. “It may be too high.” Despite Mr Ho commuting to work in Bella Vista daily, the couple plan to stay around Green Square.

“It’s a new place and convenient to everywhere,” Ms Lu said. “We have friends who also want to buy in Infinity by Crown.”

An artist's impression of Infinity by Crown at Green Square.An artist’s impression of Infinity by Crown at Green Square.

By 2030 the Green Square urban renewal area is expected to house about 54,000 residents. The Town Centre will be the densest neighbourhood in Australia.

For a portion of buyers on Saturday, Infinity by Crown was their second choice after having missed out on an apartment in Mirvac’s Green Square tower, Ovo, which sold out on its release weekend in April.

Derek Chan, a North Rocks engineer in his mid-30s was one such buyer. After his brother bought in the 28-storey Ovo tower, Mr Chan registered to buy in Infinity by Crown.

An artist's impression of the Infinity by Crown building at Green Square.

An artist’s impression of the Infinity by Crown building at Green Square.

“The whole of Ovo sold in April so this is my second choice,” said Mr Chan, who was waiting to place his deposit on a two-bedroom apartment on level 16 for which he will pay about $1.3 million.

“It’s a beautiful apartment but the prices are a bit higher than Ovo,” said Mr Chan, who plans to rent the apartment for between $800 and $900 a week. “But who knows what I’ll get when it’s completed in four years’ time.”

“I’m concerned that so many apartments will come out by then,” he added. “UNSW will need more students to fill the Green Square rentals!”

Another investor, Mr Kumar, a systems compliances manager based in Waterloo who declined to give his first name, had registered to buy a three-bedroom apartment in Infinity by Crown for $1.56 million.

“There’s a lot of demand for Green Square,” Mr Kumar said. “I couldn’t get into the Ovo launch so I put my application for this one in on the second day [of release] in April but still my number is 84.”

Mr Kumar is hoping he will rent the apartment for about $1200 a week upon completion in 2019.

Designed by Koichi Takada Architects, the $575-million mixed-use development will include 75 serviced apartments. Prices for apartments started at $650,000.

Facilities in the loop-shaped building include an open-air garden plaza surrounded by retail and for residents, a music room with baby grand piano, a sky lounge, gymnasium and theatre.

“The demand for Infinity by Crown Group at Green Square has exceeded our expectations,” Mr Sunito said.