With $60 million penthouse hopes, Chinese developer Wanda launches $1 billion Circular Quay development

Beijing-based conglomerate Wanda will launch its flagship $1 billion project in Sydney’s Circular Quay amid expectations its luxury penthouses could sell for more than $60 million, setting a new price record.

Dignitaries and politicians will attend the Museum of Contemporary Art for the official launch tonight of the 57-storey tower.

Wanda’s project proposal for the Circular Quay project received the City of Sydney Council approval in 2015.

The project proposal was for a 57-storey 184-apartment residential tower and a 179-room hotel at the 4040 sqm site bounded by 1 Alfred Street, 19-31 Pitt Street and 31A Pitt Street, Property Observer had reported.

The apartments are expected to be multi-million-dollar offerings from 50 sqm studios to four penthouses of 600 sqm.

The $60 million penthouse pricing was mentioned in the report in The Australian.

Managing director of CBRE residential David Milton said the development was in an “absolutely unbeatable position”. “This will set a new benchmark for location, quality and, yes, price,” he was cited by The Australian as saying.

The Australian record per square metre is understood to be $97,000, with a final price of $27 million, for the Opera Residences at 71 Macquarie Street at Bennelong Point.

The development on the 4,000 sqm site of Gold Fields House, purchased by the conglomerate in 2015 for $415 million, will also include a five-star hotel expected to be operated under the Wanda Vista brand.