Hong Kong-based luxury hotel group Shangri-La Hotels and Resorts and Malaysian property developer S P Setia Berhad Group signed a management agreement for Shangri-La to operate the planned luxury development in Melbourne’s CBD.
At 308 Exhibition Street, the two-tower development was designed by Cox and Fender Katsalidis, and will be loacted near Melbourne’s World Heritage-listed Carlton Gardens.
The property is currently under consideration for planning approval. When it is completed in 2022, the Shangri-La Hotel, Melbourne will have an estimated 500 guestrooms with three floors of amenities, including a sky lobby, restaurants, a spa, a fitness center, a pool and a ballroom.
The second tower will include about 300 luxury residential apartments and office space.
A sky bridge will connect the two towers, and retail space will be in the lower floors of the development.
Tan Sri Dato’ Seri Dr Wan Mohd Zahid, chairman of S P Setia, said that Shangri-La supported the project’s vision to provide development that increases capacity, creates local economic development opportunities and sets a new benchmark for five-star luxury in Melbourne.
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, Zahid said in a statement.
Shangri-La Hotels and Resorts currently operates over 95 hotels in 22 countries and 73 destinations under the Shangri-La, Kerry, Hotel Jen and Traders brands.
Primarily operating in Asia, the group has established its brand over four decades in Asia-Pacific, the Middle East, Europe, North America and the Indian Ocean.
The group has upcoming projects in Australia, mainland China, Cambodia, Indonesia, Malaysia, Saudi Arabia and Sri Lanka.
Launched in 1974, S P Setia's portfolio includes townships, eco-sanctuaries, luxury enclaves, high-rise residences, commercial and retail developments.
The group is established in the three economic centers of Malaysia, namely Klang Valley, Johor Bahru and Penang. It also has a project in Sabah.
Its international reach now includes five countries which are Vietnam, Australia, Singapore, China and the United Kingdom.
As of March 31, 2017, the group has 30 ongoing projects, with a stake of 5,141 acres in undeveloped land banks remaining and about $11.1 trillion in gross development value.