Chinese investors to spend AUS$380 million on Sydney redevelopment

George Sell By George Sell
18 July 2017 | Updated 18 July 2017

Australia: Shanghai United is to redevelop a Sydney CBD property in to a 121-room boutique hotel in partnership with AccorHotels.

Architects Candalepas Associates have been engaged to redevelop the heritage-listed Porter House into a 121-room boutique hotel in partnership with AccorHotels. Located at 203 Castlereagh Street Sydney, Castle Residences will rise 36 floors, with a floor area of 1,297 square metres and also include 131 apartments and spaces for retail and commercial offerings. The building will provide five underground floors for car parking spaces.

Construction is due to commence early 2018 with completion expected 2020.

Built in 1876, the original sandstone arches of the five-storey heritage-listed Porter House will be extended into a modern structure that "floats" overhead.

With the redevelopment of Porter House, Castle Residences aims to "fuse its permanent CBD living with the international AccorHotels MGallery hotel brand to create a unique destination and extraordinary experiences for both residents and guests".

Hotel services made accessible to residents will include room service, catering, housekeeping, laundry and maintenance, access to all hotel facilities like the restaurants, bars, gym, pool and business centre, 24-hr security, concierge and valet parking.

Shanghai United is a $19 billion company established as a joint venture by 10 Chinese real estate groups. CEO Yangdong Xu said 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.

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