One Circular Quay: China’s Wanda has high hopes for Sydney tower

China’s Wanda Group says its proposed skyscraper on Sydney Harbour will be the most prestigious the city has seen.

Wanda’s One Circular Quay development.

China’s diversified Wanda Group, which is developing across Queensland’s Gold Coast, Madrid, Beverly Hills and Chicago, says its proposed skyscraper on Sydney Harbour will be the most prestigious offering the harbour city has yet seen.

Wanda Group’s global head of sales, Michael Purefoy, said the One Circular Quay development, designed by renowned Kerry Hill Architects, would sport 190 luxury apartments plus a 181-suite five-star hotel.

“Our objective is to deliver the most prestigious project in Sydney, given the location and scale; we are 59 storeys; we have expansive views across the harbour and international architects,” Mr Purefoy said.

Given the views, privacy and extra large apartments Mr Purefoy, deputy general manager of Wanda’s international real estate group, said the units were specifically designed for owner occupiers — not investors.

As an added carrot, One Circular Quay residents can tap into the full services of the luxury Wanda Vista hotel, which Wanda will build, own and operate as part of a global rollout of opulent hotels.

Although demolition of Gold Fields House, Fairfax House and The Rugby Club has begun, Wanda, China’s largest commercial property company, remains tight-lipped on apartment prices, saying it will release them later this year. It denied recent reports that the penthouse would sport an aggressive $60 million price tag. Agents would be appointed to market the property within weeks.

Mr Purefoy said all 190 apartments would be offered for sale with Wanda not planning to ­retain any.

“We have been contacted by a lot of interested buyers,” he said.

“Given the unique location of the project, we have had very strong interest from the local market, people looking to downsize from the suburbs.

“We are also seeing strong interest from Australian expats looking for a real trophy asset in Sydney. We think the local Australian market and the international market will be strong, particularly from buyers wanting a trophy asset in a leading international city.”

Wanda acquired the site for about $420m in 2014. Completion is expected by late 2021, with the hotel tower to occupy 28 levels.

Wanda Group is the world’s largest cinema chain operator. It also ventured into television last year, spending about $US1 billion on Dick Clark Productions.