Wanda says Gold Coast, Sydney projects on track, media reports of sale incorrect

Wanda Hotel Development Company Limited has said its billion-dollar projects in in Sydney and the Gold Coast are on track, calling media reports about talks of exiting them as “incorrect”.

“Having made such enquiry internally as is reasonable in the circumstances, the Company wishes to clarify that, as of the date of this announcement, the Company does not have any plan to make the said disposals referred to in the Media Reports, and thus such information is incorrect. Both projects are progressing as planned,” Wanda said in a regulatory announcement. 

Earlier media reports had said that Dalian Wanda was in talks in Hong Kong for the sale of its Circular Quay apartment and hotel tower in Sydney and the Jewel resort on the Gold Coast, both valued around $1 billion each.

Wanda had also said previously that its Gold Coast project was on track despite Beijing asking the country’s major banks to stop lending to the developer.

Its Sydney CBD project includes a dual-tower development in Circular Quay by 2020.

In a statement to the Hong Kong Stock Exchange, Wanda said construction of the two projects was moving forward smoothly, and apartment sales were strong.

Earlier, The Australian Financial Review had reported citing two sources that the group was looking at possible exits from both projects after lending problems.

Property Observer had reported in January that Tower Three of Wanda Ridong’s Gold Coast development project had registered more than 120 prospective buyers.

The three towers will have 512 apartments, a 169 suite six-star hotel as well as retail and culinary precincts.

In Sydney, One Circular Quay will be a 60-storey glass and stone residential building designed by Kerry Hill Architects.

The Crone Architects and Kengo Kuma Architects-designed five-star hotel will have 28 levels and just 181 rooms.

It is part of Dalian Wanda’s $1 billion redevelopment of Gold Fields House at 1 Alfred Street, Circular Quay.

For the 57-storey residential tower, the Beijing-based conglomerate expects its luxury penthouses could sell for more than $60 million, setting a new price record.