Troubled Chinese developer Wanda moves to sell off the plan apartments in One Circular Quay

Troubled Chinese developer Wanda moves to sell off the plan apartments in One Circular Quay
Troubled Chinese developer Wanda moves to sell off the plan apartments in One Circular Quay

Chinese developer Wanda have begun marketing the apartments in their luxury One Circular Quay development.

They are marketing the Sydney building as Australia's most prestigious residential development (below).

The flagship $1 billion project was officially launched at the Museum of Contemporary Art in April.

There are $60 million expectations for the luxury penthouses.

The 57 storey tower will comprise 184 apartments and a 179 room hotel.

 Troubled Chinese developer Wanda moves to sell off the plan apartments in One Circular Quay

Wanda are also developing Jewel resort, a $1 billion Gold Coast project.

There were suggestions in August the group were in discussion to sell the two projects worth nearly $2 billion after it was announced they faced a lending freeze ring from Chinese Government controls.

They quickly dispelled the rumours and said the projects were on track, calling media reports "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

Troubled Chinese developer Wanda moves to sell off the plan apartments in One Circular Quay

However shortly after the market was advised there was an internal ownership realignment.

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

CBRE are asking potential buyers to book private appointments to inspect the display suite.

Wanda claim the development was in an “absolutely unbeatable position” to set a new benchmark for location, quality and price.

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.

The development has a 2020 completion date.

Troubled Chinese developer Wanda moves to sell off the plan apartments in One Circular Quay

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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China Wanda Group

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