Yuhu Group Australia, which is an Australian, family-owned business, is proud to confirm its association with the planned purchase of two significant development projects, from Wanda Australia Real Estate Investment, that are set to deliver major economic benefits.
The two projects include One Circular Quay in Sydney and Jewel Residences at Surfers Paradise on Queensland’s Gold Coast, which will each feature exclusive private residences, five-star hotels, restaurants and boutique retail components.
Yuhu Group CEO Nick Tobin said through the sale and construction the projects would represent around AU$2.3 billion of investment on completion.
“The vision is to create two truly iconic developments which will include high-end residences and luxury hotels. This level of investment would obviously represent a major vote of confidence in the local economy,” he said.
“The projects will certainly do justice to what are two quite spectacular water-front locations and will deliver significant economic benefits to both Sydney and the Gold Coast. In addition to the employment opportunities created during the construction phases, we envisage the projects will create more than 1500 long-term jobs and be major additions to the Australian tourism landscape.”
As disclosed by Wanda in an announcement to the Stock Exchange of Hong Kong, the purchase will be through AWH Investment Group Pty Ltd, an Australian associate company of Yuhu Group Australia. The sale is subject to the approval of Wanda shareholders.
Yuhu Group Australia is a rapidly growing property development and investment company whose future is very much in Australia. It has a strong existing asset base in key locations in and around Sydney which includes two shopping centres at Eastwood and Glenwood and other commercial holdings on the upper north shore.
Construction is also underway on Yuhu’s landmark residential development, The Miller, located in prized central North Sydney.
Last year the company also entered an agreement to acquire the historic Bakehouse Quarter commercial and retail precinct in North Strathfield in Western Sydney. It is also waiting final approval for the major transformation of the Eastwood Town Centre in a project that if realised would represent more than $400 million of capital investment.