Chinese-backed developer Poly Global is about to start construction on its Circular Quay tower without a major tenant or capital partner.
Poly listed the 49 per cent stake in the tower in February 2019.
Tight Sydney commercial markets has given the developer confidence to build the 17,000sq m A-grade office tower, called Poly Centre, at 210 George Street.
The group recently purchased an office building for $270 million on Goulburn Street and is eyeing properties in Melbourne, Brisbane, Adelaide, Canberra and Auckland as it expands the business.
Poly Global executive director Han Sun said the group is in a financial position that allows them to speculatively develop the tower.
“We are excited to start construction on our flagship commercial property in Sydney.
“Any transaction that we may be working on is treated as commercially sensitive. It is not our practice to speculate on any possible future transactions. ”
“Naturally, we review any unsolicited approaches. The details of any of these conversations remain confidential,” Sun said.
Last year the company rebranded from Poly Real Estate Group to Poly Developments and Holdings to reflect its operations as a property developer and asset management firm.
Poly Global is the international arm of the company that operates in Australia, the UK, the US and China.
“Our focus is residential, mixed-use and commercial development and assets in premium locations as well as areas that have been identified for future growth by planning authorities,” Sun said.