China’s Greenland Group has unveiled plans to develop Sydney’s tallest residential tower.
The $600 million development is the group’s first foray into the Australian market and will reach a height of 240 metres – surpassing the 230 metre Meriton Apartments at World Square.
Greenland Group is no stranger to big developments. The company is one of the biggest state-owned enterprises in China with developments in about 65 cities.
Three of its 17 ‘extra-high’ landmark buildings are ranked among the top ten tallest buildings in the world.
The group’s first Australian project is located at 115 Bathurst Street on the former Sydney Water Board site, which it acquired from Canada’s Brookfield Asset Management for around $100 million.
The site covers half a city block and has three street frontages. It also includes a heritage-listed building at 339 Pitt Street which is believed to have approval for ‘adaptive reuse’, which could allow for development of office and retail spaces.
Stage one of the development has been approved for over 400 apartments spanning 60 storeys, with an additional 11 levels of underground parking.
Greenland Group recently announced it would invest more than150 billion yuan ($23.58 billion) in real estate developments in 2013 and has plans to explore the Melbourne and Brisbane CBD markets for future project opportunities.