Property mogul to sell Kooralbyn golf resort and ‘wine island’ paradise

The owner of one of Queensland’s best-known golf courses is selling up, putting two of his southside links on the market and throwing in a Tasmanian island resort to boot.

The owner of one of the state’s best-known golf courses is selling up, putting two of his southeast courses on the market and throwing in a Tasmanian island resort to boot.

Property developer Peter Huang, who founded Yong Real Estate, is selling his iconic Kooralbyn Valley Golf Resort and his Brisbane River golf course at Karana Downs.

Mr Huang, who also owns Ninth Island, off the Tasmanian coast, said he was selling the freehold island in Bass Strait to recoup capital to develop properties under his new venture, a global real estate brand called Jade of JHC.

The island is known for the wine brand of the same name and is one of nearly 5000 islands around Tasmania but only one of nine which have freehold title.

Ninth Island off the Tasmanian coast.

It is about 1.3km long, 550m wide and covers 16ha.

“The market is hot, with a dilapidated dump on 570 sqm in New Farm selling for $2.1 million,” Mr Huang said.

“How much would a paradise getaway on freehold island on 40 acres be worth?

“You can build your own pre-made villa with a solar system and rainwater on this private island for just a few hundred thousand dollars plus a pontoon.

“Then reap the benefits of capital appreciation as the worth of the completed project could be potentially worth a few million dollars.”

It is not the first time Mr Huang has advertised the island. In 2019, he put it on the market for $1.98 million.

Kooralbyn Golf Resort which is now on the market.

The island was sold for $300,000 in 2015 by Kreglinger Australia, which also owns the Ninth Island winery on the Tasmanian mainland.

It was then passed in at auction for $1.19 million in July 2015, before being reported to have been sold for more than $1.2 million in March 2016.

But that deal fell through and the island was listed for sale again in 2016 with an asking price of $1.68 million.

After failing to secure a buyer, Mr Huang has now put Ninth Island back on the market.

The island is a paradise for wild animals, including penguins, dolphins and seals and tens of thousands of native birds.

The nearby Waterhouse Island was sold for $5.5 million in 2016 to a Singaporean businessman who said he planned to develop an eco-tourism venture.

Mr Huang said he wanted to sell Kooralbyn Resort while there were “Covid tourism specials”, and said buyers were getting a bargain with the price dropped from $60 million to $56.9 million or $25.9 million for the main resort only.