Million-dollar properties are the top sellers in the prestigious Shangri-La development in Vancouver‘s downtown core.

In less than two weeks, over $200 million in condos in the building, destined to be the city’s tallest at 196 metres, have been snapped up. The 60-storey building appears destined to become “the address” in the city.

Bob Rennie, of Rennie Marketing Systems which is marketing the project, said yesterday that “it is absolutely a record for the city and something I hope and wish I can experience again.”

Rennie says from floors 16 to 42 there are now fewer than 20 live-work condominiums priced between $400,000 and $1.4 million left out of an original 227.

Approximately 20 sales were over $1 million below the 42nd floor.

“From the just released floors 43 to 60, [with] 66 private-access luxury suites priced from $1.6 to $5.5 million, 22 have been sold to the likes of [Vancouver billionaire businessman] Jim Pattison ,” Rennie said.

There’s plenty of interest coming from south of the border as well, and Rennie said he can only assume the “building — at the corner of Georgia and Thurlow — offers buyers service and security and puts them an elevator ride away from life.”

One of the joint developers, Ian Gillespie of Westbank Projects of Vancouver, said “it is a textbook case of a perfect urban development.”

Designed by Vancouver architect James Cheng, Shangri-La is a joint development by Peterson Investment Group and Westbank Projects Corp. Construction will begin in January with occupancy in spring of 2008.

The Asian-based Shangri-La luxury hotel group will occupy the first 15 floors of the tower with a 120-room five-star hotel.

© The Vancouver Province 2004