A long-awaited $350 million tower block including a Ritz Carlton hotel in Auckland has been given approval by the Overseas Investment Office.
The 52-storey building is set to be built by Furu Ding’s company NDG on a long-vacant corner bounded by Elliott, Albert and Victoria streets.
If built as originally planned, the 209-metre tower block will be New Zealand’s tallest inhabited building, beaten in height only by the Sky Tower.
Ding, a Chinese businessman, purchased the site in 2012 for $53m, when he was also granted permission to buy a block of land in Waitakere, saying he planned to live here indefinitely.
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According to OIO documentation, the hotel will feature 300 guest rooms over four levels.
Another six storeys will be for retail, along with a basement level for shopping and five basement levels for car parking.
Ding’s NDG Asia Pacific subsidiary is in charge of the project and is based in Singapore, where it owns the Harcourts franchise.
According to NDG’s website, the company has total assets worth NZ$1 billion, and lists its other interests as real estate, hotels, wood products, storage and investment. It also owns the Shanghai Marriott Changfeng Park.