Dalian Wanda launches One Nine Elm’s River Tower in Singapore

/ The Edge Property |

August 9, 2015 4:00 PM SGT

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Chinese billionaire Wang Jianlin, chairman of Dalian Wanda Group and Asia’s richest businessman, has been extending the group’s presence beyond China.

Dalian Wanda has been busy building skyscrapers in major cities across four continents. The US$900 million ($1.2 billion), 93-storey Wanda Tower will be one of the tallest buildings in downtown Chicago when it is completed. In Australia’s Surfers Paradise on the Gold Coast, Dalian Wanda is investing US$900 million in a three-tower, five-star hotel and serviced apartment complex.

However, the group’s first international foray was in the UK, where it purchased One Nine Elms in 2013 to develop its first five-star hotel outside of China. The investment was made via its UK subsidiary, Wanda One, which is injecting £550 million ($1.143 billion) into the mixed-use development. The project, designed by acclaimed architects at Kohn Pedersen Fox Associates, comprises two towers with a total of 494 residential units and a five-star hotel with 187 rooms, branded Wanda Vista Hotel.

The first phase of the development, the 57-storey City Tower, was launched last year. The tower contains 334 residential units and 57 shared-ownership apartments. It will be one of London’s tallest residential buildings when completed. Units on the seventh to 37th floors of City Tower were launched last year, and the majority of the units have been sold, says Wanda One sales and marketing director Tim Gawthorn.

“About 50% of the buyers were from the UK, while the other 50% were international buyers from the Middle East, Asia and other countries,” says Gawthorn. The units were sold at an average price of £1,400 psf. The developer will launch the remaining units at a later phase.

On the weekend of July 4 and 5, Wanda One launched the second phase of One Nine Elms, the 42-storey River Tower, in Hong Kong, which saw strong sales. The developer will also be showcasing and releasing 20 units at River Tower for sale in Singapore on July 11 and 12. The project is being marketed by CBRE.

River Tower has a direct riverfront location, and the residential units are of a higher specification compared with those of City Tower, says Gawthorn. There are 103 residential units in the tower, and they span across the 20th to 42nd floors. The lower floors of the tower will house the Wanda Vista Hotel.

Residents of River Tower will enjoy access to the private lounge on the 19th floor and the observation deck on the 42nd floor. In addition, they will have full access to Wanda Vista Hotel’s facilities, such as the gym, spa, swimming pool, restaurants and bars. They will also be able to order room service, and personalised concierge and butler service. “It’s a high-end project with the facilities and services of a fivestar hotel,” explains Gawthorn. “Unlike other schemes that have tried to do this, we operate the hotel, provide the services and manage the facilities ourselves.”

It is also different from One Hyde Park, a collaboration with Mandarin Oriental Hotel, and Ten Trinity Square, a tie-up with the Four Seasons Hotel. “This is a new format of residences in the UK, and River Tower is also the largest in terms of number of units,” Gawthorn says. “The project will set a new benchmark in terms of luxury at Nine Elms.”

River Tower has a mix of one- to three-bedroom apartments, with one-bedroom units starting from 700 sq ft and priced from £1.33 million. Two-bedroom units are priced from £2 million and three-bedroom units, from £3 million. The average price of the 999-year leasehold apartments is about £1,865 psf. The three-bedroom units are said to be the most popular with owner-occupiers, while the oneand two-bedroom units are equally sought after by both owner-occupiers and investors.

One Nine Elms is located in the Nine Elms district, which is a 2km stretch from the Battersea Power Station along the riverfront to Vauxhall. A pipeline of 18,000 new homes is expected to be completed in the district. “Even then, demand far outstrips supply,” says CBRE head of international project marketing Sarah Nicholson. “Across London, there just aren’t enough homes being built to satisfy demand.”

The Nine Elms district is seeing massive rejuvenation with two new underground stations. A total of 25,000 new jobs are being created, and the New Covent Garden Market, the largest wholesale fruit, vegetable and flower market in the UK, is located here. Meanwhile, the new US Embassy is scheduled to open at the end of 2016.

Gawthorn is not concerned about the looming supply. “We have only 103 residences with such high specifications compared with 18,000 identical units,” he says. “And at River Tower, you will get a 20% to 30% premium above the market.”

This article appeared in the City & Country of Issue 685 (July 13) of The Edge Singapore.

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