Stamford Land Corporation’s Singaporean owner, CK Ow has lost a crucial court battle to Malaysian hotel conglomerate Mulpha over a proposed $400 million redevelopment of the Circular Quay property.
Ow had initially proposed the 10-storey Sir Stamford Hotel on Macquarie Street to be demolished and replaced with a 19-storey apartment tower, a move opposed by Mulpha, which owns neighbouring five-star hotel, InterContinental Sydney, according to a report in the Australian.
Mulpha, which also owns One&Only Hayman, was also backed by The City of Sydney over whether the redevelopment would impact the views from the InterContinental, which was sealed in yesterday’s judgement handed down that concluded the impact would be substantial.
Per the newspaper report, the City of Sydney conceded that had the development compiled with existing regulations, the issue of views would not have been enough to prevent the development plans, but following the judgement said the planning process remains “robust and serve the public interest”.
The judgement is expected to delay Stamford’s launch plans amid rival projects going ahead as planned to transform the popular Circular Quay precinct.