Serenity Cove development site at Hope Island sells for $50m to developer Keylin Group

A waterside development site, where an exclusive invite-only community was planned, has sold in what could be the biggest residential land sale the Gold Coast has seen in five years.

Land at Serenity Cove, Hope Island, has sold in a deal thought to be around $50m. It had plans for homes, townhouses, retail and commercial buildings. Photo: Supplied

TWO Malaysian multinational groups, whose foray into a $650 million Hope Island residential project stalled two years ago, have sold out in a deal believed worth around $50 million.

The sale involves the 65ha undeveloped balance of the lakefront Serenity Cove estate and the buyer is another Hope Island developer, the Keylin group.

Sellers Sime Darby and Brunsfield have been seeking an exit route since a behind-the-scenes marketing push began last year.

A new effort was launched earlier this to find a buyer to complete lakefront estate, once touted to emerge as an exclusive eco-resort where purchase of the homes would be by invitation only.

The Keylin group, associated with Louis Cheung, yesterday would not comment on the Serenity deal, the biggest residential land sale on the Gold Coast since the Sunland Group bought 42ha at Mermaid Waters for $61 million in 2014.

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Land at Serenity Cove, Hope Island, has sold in a deal thought to be around $50m. Photo: Supplied

The agents who handled the sale, Knight Frank’s Mark Witheriff and James Branch, and James Holland and Brendan Hogan, of Colliers – also were not talking about the Keylin deal

yesterday.

Buyer Keylin has been active in the Hope Island-Helensvale area for three years, delivering projects worth close to $100 million.

It is poised to start work on a $30 million estate, Palladium, on land between the Hope Island canal and the Sanctuary Cove resort.

The Serenity land it is buying — the deal does not settle until early 2020 — could provide 100 lots and 250 townhouses and villas.

Land at Serenity Cove, Hope Island, has sold in a deal thought to be around $50m. There were plans for a commercial and retail precinct at the site. Photo: Supplied

The Serenity Cove masterplan also includes a retirement and commercial precinct fronting the 18ha Lake Serenity, which a marine lock connects to the ocean via Saltwater Creek.

The Serenity Cove land originally was part of the Oyster Cove estate, started in the late 80s by Jannie Tay, the operator of Singapore’s The Hour Glass watch group.

Sime and Brunsfield bought a stake in the land in 2006 and took full control in 2007.

They started work on Serenity Cove after the GFC and are believed to have spent $25 million preparing the land.

Marketing of lots started in 2017 and around 60 are believed to have sold before the partners decided to exit completely.

Originally published as Serenity Cove development site at Hope Island sells for $50m to developer Keylin Group