"Stamford Land Corp is seeking to acquire a site in Sydney's North Ryde on which to develop a hotel as it moves to redevelop its existing property.
The group is progressing its plans to redevelop the 22,000 square metre site on which the 257-room Stamford Grand North Ryde is located.
It has plans to develop 10 towers of up to 21 storeys to accommodate about 625 apartments.
Chief operating officer Tay Lai Wat said "We're looking to buy land somewhere in North Ryde to build a hotel." He said the location was strategic, but it was "not so easy to Buy a piece of land in North Ryde".
The group's forthcoming development would benefit from the proximity of companies like Optus and would include both smaller units of one and two bedrooms and family-sized residences."