Shanghai United, a $19 billion company established as a joint venture by 10 Chinese real estate groups, is investing $380m in its flagship Australian development "Castle Residences".
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 sq m 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.
StudioAria have been engaged as interior designer. The development also features a pool and roof garden on its podium to provide residents a place of "rest and respite" that contrasts the activity of Sydney's CBD.
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 CEO Yangdong Xu told The Australian in May that 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 Mr Xu.