Easton’s Group and Remington Sell King Blue to Greenland Holding Group

Big news for Toronto’s condo scene - Easton’s Group and The Remington Group sold King Blue Condos to Greenland Holding Group, a Shanghai-based Fortune 500 company with billions of dollars in assets around the world.

The two towers, reaching 44 and 48 storeys, at the corner of King and Blue Jays Way in Toronto’s booming Entertainment District sold for an undisclosed price. The condo development also incorporates the historic Westinghouse factory, which has stood at the corner since 1927; the interior of the building will be transformed to feature loft condo units.

“We believe this transaction will help launch us forward as we identify new investment and development opportunities allowing us to focus on key strategic priorities as we continue to transform Toronto’s skyline with dynamic new projects,” says Steve Gupta, President and CEO of Easton’s Group, in a recent press release. “We have made absolutely certain that all of our customers and their brokers who purchased at King Blue are completely protected.  With the purchase now complete, Greenland, as a Fortune 500 global company, has assumed all commitments and have agreed to fulfill their responsibilities.”

King Blue was Easton’s Group’s first condo development, and their second development, called Dundas Square Gardens (located at Dundas and Jarvis in Toronto) is nearly sold out after only being on the market for about five months.

Before jumping into the condo game, Easton’s Group established themselves by developing a series of hotels in Canada. “We began with residential apartment buildings in the early 1980s and then owned over 7,000 apartment units in over 60 buildings across Ontario,” says Reetu Gupta, Vice President, Marketing at Easton’s Group. “My father transitioned the company into building upper mid-scale niche hotels in Ontario and Québec and over the years, built approximately 3,000 hotel suites including 1,000 extended stay suites with full kitchens (same as condos). With a strong team, we have developed and operate an award-winning hotel portfolio under the Marriott, Hilton and Holiday Inn brands in both provinces.”

King Blue By Greenland

This Toronto condo development is now called King Blue by Greenland. Now that Greenland has opened a new Toronto office, we are very excited to see what else they bring to the city’s condo scene.

“Toronto is Canada’s economic and cultural capital as well as one of the strongest real estate markets in North America,” says Yuliang Zhang, Greenland Chairman and President. “We believe this city will continue to grow and thrive creating other investment opportunities for Greenland Group (Canada) in the Greater Toronto Area and beyond.”

Greenland has developed buildings in 80 cities in 29 provinces in China, and in 12 cities in nine countries around the world, including London, Sydney, the United States, Spain, South Korea, Thailand, Malaysia, and Germany. They currently have 23 “ultra-high-rise” buildings either under cosntruction or completed, four of which are listed amongst the world’s top 10 tallest buildings. Is Toronto in store for a supertall tower by Greenland?

This year, Greenland ranked 258th on the Fortune Global 500, which is 91 spots higher than in 2013, so they are growing quickly.

“Greenland is committed to the highest standards of quality and customer service, an approach that will continue to guide our development work as we see this incredible live-work-play community through to completion,” Greenland (Canada) President, Henry Cao says in a recent release.

As a devout follower of the Greater Toronto Area’s new home industry, Newinhomes.com is intrigued about the acquisition, and can not wait to see Greenland Group’s next step in Toronto!