Banyan Tree seeks JV partner for Australian serviced apartment project

George Sell By George Sell
24 March 2016 | Updated 24 March 2016

Australia: Singaporean operator Banyan Tree is searching for a joint venture partner for its proposed $500 million tower project in Surfers Paradise.

Banyan Tree is looking to introduce its Cassia brand to the Gold Coast. The area's accommodation and apartment market has been transformed as Chinese groups have entered the market, buying existing hotels and planning a series of towers to meet the demand from the wave of tourists coming out of China.

The Cassia Northpoint project in Surfers Paradise will include a 41-level and 35-level tower with serviced apartments and owner-occupied apartments. It will comprise nearly 440 apartments and villas plus at least 20 six-star Banyan Tree homes, along with a rooftop pool and restaurants. The project will be developed by DBI group.

Designed for younger travellers and families, Cassia hotels and serviced apartments are one or two-bedroom units with living space and kitchen.

Banyan Tree executive chairman Ho Kwon Ping says he wants a new four-star Cassia hotel to open in Sydney and Melbourne when he found 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 said. "My personal preference I think is Sydney. It is very beautiful because of the harbour," he told The Australian.

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