The news came after US equity firm Blackstone said it was selling a Sydney office building to the group for A$415m ($327m; £218m).
Gold Fields House is in the city's prime central business district and overlooks the Sydney Harbour.
The firm said it plans to build a luxury hotel as well as residential and retail outlets in the area.
"We look forward to creating a new Sydney landmark," said Dalian Wanda in a statement on Monday.
Wanda group is backed by Chinese billionaire Wang Jianlin and is the country's largest property conglomerate.
The recent announcement is the latest in a series of international acquisitions for the Chinese firm.
It has already agreed to invest nearly $2bn in London and Madrid hotels and properties in the last two years, according to Reuters.
Last week, Wanda said it was buying a 20% stake in Spanish football club Atletico Madrid for €45m ($52m; £34m) - making it the first Chinese company to invest in a top European football club.
The group also owns US cinema chain AMC and luxury British yachtmaker Sunseeker.
Hong Kong listed shares of Dalian Wanda Commercial Properties were up 3.4% after the deal was announced.

The bodies of the state's first mental institution - called the Insane Asylum - stretch across 20 acres of campus where administrators want to build.
Officials predict that it may cost up to $21m (Â£16m) to exhume and rebury each body - more than $3,000 for each.
The campus medical centre, where the bodies have been discovered, is looking at cheaper alternatives.
The university hopes to bring the total cost down by handling the exhumations in-house, the Clarion-Ledger newspaper reports.
They predict that it can be done for $400,000 per year over the next eight years.
They also hope to create a memorial and laboratory where students can study the patients' remains, as well as remnants of clothes and wood unearthed in the process.
A group of academics have formed a consortium dedicated to studying the remains.
"We have inherited these patients," said Ralph Didlake, who oversees the campus Center for Bioethics and Medical Humanities.
"We want to show them care and respectful management," he told the Clarion-Ledger.
"It would be a unique resource for Mississippi," Molly Zuckerman, a professor of anthropology, told the newspaper.
"It would make Mississippi a national centre on historical records relating to health in the pre-modern period, particularly those being institutionalised."
The Insane Asylum was completed in 1855 and operated until 1935. Before then, patients with mental illnesses were often kept chained in jails and attics of homes.
According to records, of the 1,376 patients admitted between 1855 and 1877, more than one in five died.
After the US Civil War the facility expanded dramatically, eventually housing about 6,000 patients during its peak.
The first coffins were discovered by the university in 2013 while constructing a road near campus.
In 2014 officials found more than 1,000 coffins while building a parking garage.

The 25-year-old winger revealed to BBC Radio Lancashire he turned down an offer from Rangers to sign for the English League One side.
"Rangers are a massive club but I've done four years up here and I felt it was right to move on," said Humphrey.
"It was time for me to have a new challenge somewhere else."
He continued: "Also, I can be closer to my family. I've been away from them for four years now. I went through a bit of a rough patch when I first moved to Motherwell but they were fantastic throughout that.
Chris Humphrey and Marlon King were banned from playing for the Jamaican national team last year after breaking curfew rules.
"I've got nothing but great things to say about the club and it will be sad to leave, but it's time for me to push on and try to achieve another goal of mine which is to move down south and win promotion."
Jamaica international Humphrey played 155 times in four seasons at Motherwell and helped Stuart McCall's side finish second behind champions Celtic in the SPL last season.
Humphrey becomes North End's second confirmed signing of the summer, joining  who has agreed a free transfer to Deepdale after being released by Huddersfield Town.
Chinese property giant Dalian Wanda is set to invest $1bn (£667m) in a development near Sydney Harbour.
[NEXT_CONCEPT]
The remains of at least 7,000 people may be buried beneath the University of Mississippi, officials estimate.
[NEXT_CONCEPT]
Chris Humphrey will join Preston on a two-year deal on 1 July after rejecting the chance to remain with Scottish Premier League club Motherwell.