The historic Sandstone Buildings in the central business district of Sydney is set to undergo a makeover. The two heritage sandstone buildings in Sydney's Bridge Street will be transformed into a luxury hotel, and the construction project is estimated to be $300 million.
According to Financial Review, Singapore's Pontiac Land Group will be in charge of the luxury hotel construction. The company was also behind the construction of Ritz-Carlton Millenia and the Regent Four Seasons in Singapore. According to the report, Pontiac will shell out $35 million for the lease of the building and set aside $250 to $300 million for the project.
Daily Telegraph reports that the Sandstone buildings remain under the custodianship of Government Property NSW, and it will reportedly oversee the building's transformation to ensure that the property's heritage is protected and maintained.
The hotel construction project is deemed as a good way to boost Sydney's economy and promote jobs.
"This is great news for NSW, with a 240-room luxury hotel to be built in Sydney's tourism and financial hub, which means hundreds of new construction and hospitality jobs, and an estimated $185 million boost to the NSW economy over 20 years," NSW Minister for Finance, Services and Property, Dominic Perrottet said.
According to the reports, the luxury hotel will feature 240 rooms. A concept plan has reportedly already been approved, which proposes three additional storeys to one of the Sandstone buildings.
Managing Director of Pontiac Land, Mr Kwee Liong Keng, said, "We are delighted to work with Government Property NSW on the rare opportunity to convert the historic Sandstone buildings into one of the finest luxury hotels in the world and a new benchmark for hotels and hospitality in Australia."
"Our approach to the project is guided by strong principles, including respecting and celebrating the Sandstones' heritage and legacy, opening them up for visitors and locals, enhancing the surrounding public realm, and serving as long-term stewards of these treasured buildings," he added.
