Poly Global has started work on its first Qld development and is on the look out for more sites
A leading offshore developer, armed with a “generous budget”, is seeking more southeast Queensland sites after beginning work on its first local project.
Prime Site
Don't miss out on the headlines from Prime Site. Followed categories will be added to My News.
A LEADING offshore developer has shrugged off the potential impact of a coronavirus-led economic downturn and will continue to eye Brisbane as a key development opportunity.
Poly Global is preparing to launch its first Brisbane development, Ascot Aurora, which comes off the back of securing high profile sites in Melbourne and Sydney totalling more than $300 million.
Poly Queensland executive director Xiaowei Xue said he understood the economic impact of the recent health pandemic and that many developers have put projects on hold.
However, he said Poly Global — which is the international division of Poly Developments and Holdings which is publicly listed on the Shanghai Stock Exchange — was committed to pursuing commercial and residential opportunities across Queensland.
“Despite the current situation, Poly Global is optimistic about the underlying fundamentals of the property market in Queensland,” he said.
“We are proactively pursuing opportunities in Brisbane and are committed to investing in sites that are well-positioned to create landmark developments.”
Poly Global will continue to explore opportunities in locations which have significant gentrification, social infrastructure and connectivity.
Mr Xue said the immediate focus will be on securing a prominent apartment site within 5km of the Brisbane CBD, with an emphasis on a 2km radius, to deliver well designed apartments and other high density product to cater to the impeding undersupply.
Also, potential acquisitions may also include boutique land sites designed to deliver masterplanned communities, catering for either the affordable market in growth corridors such as Moreton Bay and Logan.
Acquisitions could focus on homebuyers in Brisbane and the Gold Coast. Townhome sites similar to Ascot will also contribute to the growing pipeline.
“We’re glad to be in a position to continue to contribute to the Queensland economy, providing much-needed jobs to locals,” Mr Xue said.
“With a generous budget to invest in new sites in the short term, the Queensland business is appropriately placed to make an acquisition as soon as a quality opportunity presents itself.”
Ascot Aurora will have 209 two, three and four-bedroom townhouses, 10 freestanding, four-bedroom townhomes, 15, one, two and three-bedroom apartments as well as public space.
The project is scheduled to be completed by mid 2022 and early works contract have delivered 75 to 100 jobs.
Construction rally: Big builder records first profit in three years
One of Australia’s biggest commercial builders has recorded an eight-figure profit after two consecutive losses as it eyes an order book of $3.5bn in 2026.
From courthouse to restaurant: $4m sale seals mouthwatering future
One of Brisbane’s original courthouses which dates back more than 170 years has a new owner who plans to restore the building to its former glory as a restaurant and wedding venue.