Hengyi Australia, the mainland Chinese developer which is developing The William, has signed a significant deal with The Wyndham Hotel Group, the world's largest hotel chain.
The William, which is situated at 199 William Street opposite the Supreme Court, is a 23-level, architecturally designed, 7-star rated building.
Offering a range of one, two and three-bedroom apartments, The William will also offer serviced apartment accommodation on four of its 23 levels.
The Wyndham Hotel Group is the world’s largest hotel enterprise with 609,600 rooms in 66 countries and owns 15 hotel brands.
Hengyi Director Jeff Wang said The William was inspired by glamorous, hotel-style city living. Its future residents will enjoy a 24-hour concierge service as well as luxury amenities such as a rooftop swimming pool and barbecue area, gymnasium, library and theatre.
“Being a residential development among commercial and office space, The William will change the culture and the landscape,” Min Wang, chairwoman of Hengyi said of the project.
“We are certain that the inclusion of Wyndham hotels will be a dynamic new demographic to the northwest of Melbourne’s CBD.”
The William development is well under way by Built Construction, and is expected to be completed by August 2014.
The William apartments are set within the conversion of the former Telstra building, which became vacant in 1994 and was infamously known as a “ghost building”.
Min Wang saw the potential it offered and scooped it up for $45 million in early 2011.
Wang chose property as her first venture into the Australian market.
“It was a risk, but it has paid off,” says Wang, who has sold more than 75% of the 480 apartments spread over its two towers.
“By redeveloping this iconic Melbourne building into a contemporary classic for inner-city residents, we are taking a very sustainable and cost-effective approach,” says Hengyi’s Danielle Ashworth.
“Being a residential development among commercial and office space, The William will change the culture, it will change the landscape,” says Wang.
One-bedroom apartments range in size from 45 square metres to 55 square metres and range from $359,000 to $470,000.
Two-bedroom apartments range from 58 square metres to 75 square metres and cost between $405,000 and $620,000.
Three-bedroom apartments range up to 80 square metres and start from $750,000.
The project was launched exclusively to Singapore investors several months ago.
The developers also offer offshore buyers a rental guarantee, and the developer will pay for any legal costs.