Banyan Tree seeks joint venture partner for Australian expansion plans
by Leon Gettler
Singapore-based operator Banyan Tree is planning to expand into the Gold Coast with a proposed $500 million tower project in Surfers Paradise.
But to do that, it’s looking for an Australian joint venture partner
Banyan Tree sees the Gold Coast as a prime area for growth.
The Gold Coast’s accommodation and apartment market has already been transformed with Chinese groups moving in, buying existing hotels and planning a series of towers.
For the Chinese, the big driver of growth will be the demand from the wave of tourists coming out of China.
Banyan Tree’s Cassia Northpoint project in Surfers Paradise will feature a 41-level and 35-level tower with serviced apartments and owner-occupied apartments.
It will also feature nearly 440 apartments and villas plus at least 20 six-star Banyan Tree homes.
That’s in addition to the rooftop pool and restaurants.
The project is being developed by DBI group and is specifically targeting a younger market offering one or two bedroom units in serviced apartments with a living space and kitchen.
Banyan Tree executive chairman Ho Kwon Ping is also looking at new four-star Cassia hotels opening in Sydney and Melbourne when he finds the right sites.
"We are looking to do one in Australia if we can find the land. I would like to do something in Melbourne and Sydney but we have to wait for a (price) correction," Mr Ho told The Australian "My personal preference I think is Sydney. It is very beautiful because of the harbour.”
Banyan Tree already has a Cassia-branded hotel and serviced apartment complex in Phuket.
It’s also looking resort locations such as Bintan, Indonesia, Lijiang in China’s Yunnan province, and Beruwala on the Sri Lankan coast.
In addition to Surfers Paradise, Banyan Tree plans to build a $150 million residential development in Brisbane. The Banyan Tree Residences will be located on a near-waterfront site on River Terrace, Kangaroo Point.
29th March 2016
