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PLANS for a three-tower luxury residential development worth $900 million have been revealed for a prominent patch of the Gold Coast.

Off the Plan — Thu, 31 Mar 2011 20:29:15 +0000

PLANS for a three-tower luxury residential development worth $900 million have been revealed for a prominent patch of the Gold Coast.

It will be the first Queensland project for RDG, a wholly owned Gold Coast-based company whose parent company is China-based Ridong.

It paid more than $80 million for the 1.13ha beachfront parcel at Surfers Paradise, known as the Pacific Beach site, in 2009.

Chief executive Steven Haggart, who was in Brisbane yesterday to brief State Government ministers on the project, said the company already had been in talks with Gold Coast City Council about their plans and hoped to soon lodge a development application.

International architects were invited to submit proposals for the project and Oppenheim Architecture + Design, of Miami in the US, had been selected.

“They will work with DBI (Design) locally on the Gold Coast to carry the project forward,” Mr Haggart said.

The buildings have been designed with a “crystal” theme, which has been influenced by Mt Warning in the Gold Coast hinterland.

Mr Haggart said Mt Warning was an ancient shield volcano, so the design incorporated the look of shards or crystals to link to that history.

The development will feature three towers, the tallest to be about 45 levels.

It will house a 5½-star to six-star hotel with about 150 rooms and 130 serviced apartments. The two remaining towers will collectively house about 380 luxury apartments.

All towers will sit on top of a podium level that will have a variety of facilities, including a restaurant, fitness club and spa.

“It is intended to be a destination,” Mr Haggart said.

The site is half-way between Surfers Paradise and Broadbeach. Mr Haggart said this gave them an opportunity to create something that could stand separately from those hubs.

“It is an opportunity to create a new international market on that end of the Gold Coast,” Mr Haggart said.

He believes about 15 per cent of buyers will be local or from Brisbane, about 25 per cent from Sydney and Melbourne and the balance international.

The company hopes to receive a development approval by the end of the year and then start marketing about nine months after that.

Premium market worth watching (23/04/10)

Project Alert — Fri, 23 Apr 2010 03:26:34 +0000

For cashed-up buyers, the premium housing market could be poised to deliver excellent returns, RP Data national research director Tim Lawless says.

Australia’s premium housing markets have had a wild ride over the past three years, Lawless says.

While values in the million-dollar-plus sector of the residential market are up, sales volumes remain low, he notes.

His analysis of recent movements in the top end of the property market reveals that the most expensive 20 per cent of Australia’s suburbs climbed 19.8 per cent in value in 2007, compared to 13.7 per cent across the broader market.

“As the global financial crisis kicked in and started to bite, with shares and property being sold off to recoup further portfolio losses, values across this same set of premium suburbs fell by 7.4 per cent compared with a 2.5 per cent fall in all home values,” Lawless says.

The premium market turned again in 2009, recording growth of 12.1 per cent over the calendar year, compared to 11.3 per cent across the board.

“For those that can afford the premium price tag premium property markets have generally provided stronger capital gains than the broader marketplace thanks to the inherently tight supply of inner-city, coastal and character properties,” Lawless says.

Robina is our $7b baby (13/06/09)

Project Alert — Wed, 01 Jul 2009 04:20:57 +0000

Robina and Varsity Lakes continue to be at the centre of billions of dollars in development, with new research by Colliers International showing about two-thirds of the $7.1 billion of major projects in the area have begun.

The report found $4.54 billion of developments identified in the region — which takes in Robina, Varsity Lakes, Burleigh Heads, Burleigh Waters, Burleigh West, Elanora, Reedy Creek, Palm Beach and Tallebudgera — were under construction, with the remaining $2.561 billion in the planning stages.

Despite the significant activity, the research, compiled by Colliers’ research manager Lynda Campbell, found the total dollar value of development had dipped slightly from the $7.338 billion recorded last year, but was still up substantially on the $6.214 billion identified in 2007.

Spending on infrastructure, which continues to account for the largest slice of development in the region, had also marginally decreased from the $3 billion reported 12 months ago, with about $2.75 billion of projects either in progress or on the drawing board.

The total value of apartment and retirement projects also dropped, from $816 million to $738 million and $195 million to $170 million respectively.

On the other hand, spending on housing development increased from $1.47 billion to $1.51 billion, mixed-use projects from $1.18 billion to $1.26 billion and commercial development from $415 million to $671 million.

Colliers’ Gold Coast director in charge Stewart Gilchrist said the majority of construction in the region was concentrated in the fast-growing suburbs of Robina and Varsity Lakes.

“These suburbs are at the geographical heart of the Gold Coast, but they have become much more than that, staking a claim as one of the city’s prime centres for business and entertainment, and a sought-after residential address,” he said.

“Major road and rail improvements will support this position, making the area even more accessible.”

Several major infrastructure projects in progress include an $8.3 million upgrade to Christine Avenue, the first phase of a $920 million rail extension from Robina to Coolangatta, $287.7 million expansion of Robina Hospital and the $6 million Robina Police Station.

There are also major infrastructure improvements in the pipeline, including a $75 million upgrade to Burleigh Connection Road, $22.6 million expansion to Robina Library, a new $9.7 million Australian Technical College, and upgrades to the motorway and interchanges from Nerang to Varsity Lakes.

Ms Campbell said the $1 billion Varsity Lakes, the $500 million The Glades in Robina and the $440 million The Observatory at Reedy Creek were the largest residential projects in the region.

“Many of the big tracts of land have now been developed, so we are seeing plans being put forward for smaller residential projects, with an end value of about $30 million to $40 million,” she said.

“There is also a number of smaller apartment projects either started or in the planning stages, particularly in Palm Beach where older properties are increasingly making way for this style of development.”

Ms Campbell said mixed-use and commercial developments were also a major focus in the area, spearheaded by projects like the $1 billion Varsity Lakes and the $300 million Robina Town Centre shopping centre expansion.

“Robina and Varsity Lakes have been carefully masterplanned and, as such, both mixed-use and commercial development has been integrated into the design of the area to create a place where people can live, work and be entertained all from the one postcode,” said Ms Campbell.