This article is from the Australian Property Journal archive
MALAYSIA’S number one developer SP Setia and Hong Kong’s Shangri-La Hotels and Resorts have joined forces for a new 500-room luxury hotel on the former Telstra site at 308 Exhibition St.
The Cox and Fender Katsalidis-designed two-tower development overlooking Melbourne’s World Heritage-listed Carlton Gardens is currently under consideration for planning approval.
When it is completed in 2022, it is expected the luxury five-star Shangri-La Hotel will comprise 500 guest rooms, a sky lobby, restaurants, spa, fitness centre, pool and a state of the art ballroom.
The second tower will include some 300 luxury residential apartments as well as office space.
A sky bridge will connect the two towers, and retail space will occupy the lower levels of the development.
SP Setia chairman Tan Sri Dato’ Seri Dr Wan Mohd Zahid and Shangri-La Asia CEO Lim Beng Chee formally signed the seal at a ceremony in Melbourne yesterday.
Tan Sri Wan Zahid said the partnership with Shangri-La supported the project’s vision to deliver an iconic development that increases capacity, creates local economic development opportunities, and sets a new benchmark for five-star luxury in Melbourne.
“We look forward to bringing Shangri-La’s hallmark ‘hospitality from the heart’ to Melbourne, Australia’s event capital.
“SP Setia is honoured to appoint Shangri-La, an iconic global brand that represents the highest standards of quality, as the hotel operator to this development. Through the design and construction phases and for many decades to come as a luxury residence, retail and hotel precinct, the economic benefits of this project will be significant for Melbourne,” he added.
“Shangri-La is privileged to be selected as the hotel operator for this world-class SP Setia development, which will be an architectural masterpiece and an iconic part of Melbourne’s skyline for decades to come,” Lim Beng Chee said.
SP Setia bought 308 Exhibition in May last year from telco giant Telstra for $101 million, outbidding local and other offshore players for the prized site.
Sam Tarascio’s Salta Properties was one of the bidders along with a string of Asian developers.
The 308 Exhibition St property is the largest development site in the east end of Melbourne’s CBD. Telstra placed the 4,140 sqm on the market in December 2015 with an asking price of $100 million.
It is believed that Shangri-La trumped beat more than five of the world’s leading hotel operators to partner SP Setia.
Australian Property Journal
