CTBUH Global News

Developer Invests $380 Million in Sydney Hotel Redevelopment

Sydney, Australia – 18 July 2017

Shanghai United, an AU$19 billion (US$15 billion) company established as a joint venture by 10 Chinese real estate groups, is investing AU$380 million (US$301 million) in its flagship Australian development Castle Residences. In partnership with AccorHotels, architects Candalepas Associates have been engaged to redevelop the heritage-listed Porter House into a 121-room boutique hotel.

Located at 203 Castlereagh Street Sydney, Castle Residences will rise 36 floors with a floor area of 3,197 feet (1,297 square meters) and also include 131 apartments and spaces for retail and commercial offerings. The building will provide five underground floors for car parking spaces.

Construction has already commenced on the project, with completion expected in 2020.

Built in 1876, the original sandstone arches of the five-story high Porter will be extended into a modern structure that floats overhead. The design aims to interweave the building with Castle Residences, thereby incorporating the “history, heart, and soul” of the building into a living experience complemented by individual furniture, artwork, and accessories.

Hotel services made accessible to residents will include room service, catering, housekeeping, laundry, and maintenance, as well as access to all hotel facilities, including restaurants, bars, a gym, pool, and business center.

Shanghai United CEO Yangdong Xu told The Australian in May that the company, which has global development arms in Europe, the US, Southeast Asia, and now Australia, had a long-term development strategy for capital cities including Sydney, Melbourne, and Brisbane. “We will invest and develop over the long term in Australia,” said Xu.

For more on this story, go to The Urban Developer.

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