The company yesterday announced it had acquired the 1 Alfred Street and Fairfax House buildings hear Circular Quay in Sydney and Wanda plans to invest approximately AUD$1 billion to develop a mixed-use landmark project.
It is the company’s second investment in Australia after its Jewel project in the Gold Coast.
The project is referred to as No1 Sydney due to its prime central location in close vicinity to first-class hotels, premium grade offices and financial institutions.
The project has a GFA of 85,000 square meters will include a luxury five-star Wanda Vista hotel, as well as residential and commercial functions.
The hotel component will have a GFA of 20,000 square metres and feature 160 guest rooms and the company said the development would also comprise a main tower with a height of 185 square meters, which is poised to become one of the city’s main landmarks upon its completion.
In the last two years, the company has sped up its overseas expansion by announcing Wanda Vista hotel projects in key international gateway cities such as London, Madrid, Chicago, Los Angeles, Gold Coast and Sydney.
The company said this growth is “gradually positioning Wanda hotels as an emerging global player in the five-star hotel arena”.