Wanda to set record for Sydney’s most expensive flat, agents say
The Chinese group’s development of a ‘global destination address’ on Sydney harbour comes as the broader market cools, and after it was forced to drop the purchase of a London property
Chinese real estate colossus Dalian Wanda Group is launching its latest luxury residential project in Sydney where agents expect the penthouse could break records with a sale price of up to A$60 million (US$46 million).
The residential-hotel development, named Wanda One Sydney, is among the tallest on the harbourfront at Circular Quay and will encompass two adjacent towers – a 59-storey luxury residential building and a 28-storey five-star hotel.
Buyers in Hong Kong are being targeted as one of three key markets alongside London and Sydney, where Wanda hopes to initially sell 60 of the 190 flats available.
The sale comes after intensified Chinese government scrutiny on Wanda’s finances. The real estate and entertainment conglomerate was recently forced to sell off part of its portfolio after concerns were raised about the amount of debt it had. The firm was also forced to pull out of its purchase of Nine Elms Square in London following pressure from Beijing over its overseas investments.
A two-bedroom unit of Wanda One Sydney would start from A$5.5 million, said Madelaine Lundgren, sales and marketing director for the development.
“The project is targeted towards the ultra high net worth market,” or those with US$30 million or more to invest, she said in Hong Kong on Thursday.