Pontiac Land Group (“PLG”) has been selected by Government Property New South Wales (“GPNSW”) to be the preferred purchaser of the long-term lease on two iconic heritage buildings in the heart of Sydney.
The Sandstone buildings comprise the Lands Building (35-39 Bridge Street) and the Education Building (23-33 Bridge Street), located in the main commercial district close to Circular Quay.
Pontiac Land Group will spend AUD 300 million (SGD 300 million) to redevelop the two buildings into a luxury hotel with approximately 240 rooms. It will be responsible for all design and planning approvals, with construction expected to commence after the buildings are vacated by NSW Government departments in 2018. The hotel is anticipated to open approximately 3 years later. The operator of the hotel will be announced in due course.
PLG’s success follows a rigorous and competitive tender process that began last year. The tender process, managed by Macquarie Capital on behalf of the New South Wales Government, attracted a number of international developers.
“We are delighted and honoured to be able to work closely with Government Property New South Wales on this rare opportunity to convert Sydney’s historic Sandstone buildings into one of the finest luxury hotels in the world,” a spokesman for PLG said.
“This is great news for NSW, with a 240-room luxury hotel to be built in the heart of Sydney’s tourism and financial hub, which means hundreds of new construction and hospitality jobs, and an estimated AUD 185 million (SGD 185 million) boost to the NSW economy over 20 years,” Mr. Dominic Perrottet, New South Wales Minister for Finance, Services and Property, said.
About Pontiac Land Group
Pontiac Land Group is a Singapore-based luxury real estate development company with more than a half-century of experience in commercial, residential, hospitality, retail and medical developments. With a long-term commitment to its assets, the group takes pride in authorship, ownership and stewardship. Each landmark development is strategically located in prime districts and each distinct architectural achievement is complemented with world- class art collections to enrich the experiences of its living spaces. The group has collaborated with numerous internationally renowned architects, including six Pritzker Prize-winners. Among the artists represented in the group’s properties are Roy Lichtenstein, Frank Stella, James Rosenquist, Yayoi Kusama and Zhu Wei.
Pontiac Land Group’s portfolio includes luxury hotels in Singapore including The Ritz-Carlton Millenia, Capella Singapore, Conrad Centennial Singapore and Regent Singapore (A Four Seasons Hotel); commercial skyscrapers Millenia Tower and Centennial Tower; luxury residences HANA, Ardmore Residence and The Colonnade; the Millenia Walk shopping mall; and Camden Medical Centre, home to medical and healthcare specialists.
The Group recently made its first investment in the United States, 53W53, a luxury residential tower set to rise in prime Midtown Manhattan, which will be seamlessly connected to New York’s world-renowned Museum of Modern Art.