SYDNEY CBD TO GAIN NEW LUXURY HOTEL

Sydney is to add a new luxury hotel to its portfolio of accommodation with a new 240-room hotel to be built in the financial district of Sydney’s CBD, using the city’s heritage Sandstones building. Singapore property developer Pontiac Land Group has acquired a long-term lease of the building on Bridge Street for the $300 million redevelopment.

Construction is expected to commence after the buildings are vacated in 2018, with the hotel anticipated to open in 2021.

Pontiac Land Managing Director Managing Kwee Liong Keng said, “Our approach to the project is guided by strong principles, including respecting and celebrating the Sandstones’ heritage and legacy, opening them up for visitors and locals, enhancing the surrounding public realm, and serving as long-term stewards of these treasured buildings.”