Developers of $1bn Paradiso Place at Surfers Paradise say they will build it themselves after delays
Developers of a billion-dollar development, once billed as the Gold Coast’s biggest ever residential development, say it will go ahead – four years later than planned and without a stand-alone builder.
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Developers of a billion-dollar three-tower development, once billed as the Gold Coast’s biggest ever residential project, say it will still go ahead – just four years later than planned and without a stand-alone builder.
Paradiso Place was set to rise to 38, 40 and 42 storeys, bringing to market a total of 792 units and featuring a suspended glass-bottom sky pool, which was to jut 28 storeys above the ground.
The first tower – which SPG land announced as sold out in 2022 – was due for completion this year but the massive central Surfers Paradise site remains deserted, with its fences kicked in and covered in graffiti.
Developer SPG Land said the project had been delayed by soaring construction costs which had made it “unfeasible under initial conditions”.
It’s taken the plans back to Gold Coast City Council, seeking an extra two storeys on each tower and increasing the total number of apartments to 845.
Ceiling heights have also been reduced in most apartments and a fourth basement level has been scrapped to save money – taking 40 parking spaces with it.
The sky pool has also been binned, with a more modest main pool and deck now planned for level two of tower one and a smaller “glass bottom plunge pool” bound for level 16 of tower three.
“We anticipate receiving approval by September 2025, which will enable construction works to proceed in due course,” SPG CEO Ying Rao said in a statement.
Tower one’s 258 units hit the market from $550,000 for one-bedroom to $760,000 for two-bedrooms in 2022 – half the price or less of 2025 entry level apartment prices.
Despite SPG’s earlier statements that stage one had sold out, Mr Rao said less than 80 per cent had actually gone under contract.
About half of those contracts are still on foot after buyers agreed to “moderate price increases”, Mr Rao said, but there was no guarantee sunset clauses would not be used to cancel them in future so apartments could be sold at higher prices.
“SPG remains committed to engaging fairly with buyers, given the increasingly complex and volatile conditions in the property development sector,” he said.
“The pricing strategy for the remaining Stage 1 apartments is still under consideration and will depend on evolving market conditions and construction industry productivity.”
After protracted negotiations with major builders failed to bear fruit, SPG has opted to build the project itself, with support from local construction consultant Eastview Australia, and hope to complete it before the 2032 Brisbane Olympics.
“We intend to take all necessary steps promptly to prepare the commencement of stage one,” Mr Rao said.
“We have already commenced discussions with key early works subcontractors for site retention and foundation piling.”
SPG Land bought the 1.15ha full city block fronting the Gold Coast Highway and Ferny Ave from South Korean carmaker Hyundai for $28 million in 2021.
It went on to spend $4m building a high-tech sales centre for the development.
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Originally published as Developers of $1bn Paradiso Place at Surfers Paradise say they will build it themselves after delays
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