Wanda hotel group moves into Sydney

China’s Dalian Wanda Group has unveiled plans for Gold Fields House in Sydney that it acquired which last year for $415 million.

Dalian Wanda lodged a development approval submission with the City of Sydney Council on Friday. The property giant owned by Wang Jianlin confirmed it would turn the site into a hotel – the Wanda Vista – and residential two-tower complex worth about $1 billion designed by architect Crone Partners.

Wanda Sydney managing director Charlie Li said, “Sydney could do with another five-star hotel. The tourism industry will continue to grow. Sydney is on the top with London and New York.”

Wanda Vista has already invested $1 billion on its Gold Coast Jewel project.

Plans call for a 185m and 45m towers at Gold Fields House and a 110m hotel building on the Fairfax House site.

Wanda, with architect Crone Partners, has sought to have the properties considered as a single holding so it can have a bigger floor space. The hotel tower could also be considered separately as state significant development. The new works have an estimated construction cost of $290 million.

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