Asian investors splash out $101M on Gold Coast assets

TWO recent sales - collectively worth $101 million - shows Asian investors still have an appetite for Gold Coast assets.

14-18 Mary Ave, Broadbeach has sold to a mainland Chinese buyer.

TWO recent multimillion-dollar sales show appetite still exists among Asian investors for Gold Coast property, but they are becoming more discerning, experts are warning.

Aquis Group and Chinese companies CCCC International Holding and Tandellen are selling a 1.05ha city block in Surfers Paradise, where they had planned to build the Gold Coast’s second casino.

In addition, Singaporean group Ho Bee, which built the Rhapsody tower in Surfers Paradise North, is cutting ties with a major Broadbeach site, once earmarked for a $300- million lifestyle centre.

However, two recent property sales show strong demand remains for Gold Coast assets and development sites among Asian investors.

Soul Boardwalk in Surfers Paradise sold to a Macau casino owner for $90 million.

The first is the sale of the Soul Boardwalk retail asset in Surfers Paradise for $90 million to Macau casino boss and real estate developer Loi Keong Kuong.

The property, which was taken to market by receivers PricewaterhouseCoopers, was marketed by Stewart Gilchrist and Matthew Maynell, of Colliers International.

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The pair received 115 inquiries from Australian and Asian buyers.

Colliers International’s Lian Lee, who assisted with the sale, said demand was driven by a number of factors such as cooling measures introduced in Asian real estate markets including Singapore.

14-18 Mary Ave, Broadbeach occupies a prime position in the central Gold Coast suburb.

“Asian investors are still hungry for solid, blue-chip property,” she said.

Ms Lee said she hopes to attract more Asian buyers at the annual Colliers Australian Investment Showcase from September 3-7 in Macau, Hong Kong, Kuala Lumpur and Singapore.

In Broadbeach a development site across the road from Broadbeach State School has sold for $11 million to a mainland Chinese buyer.

The two-title 1514sq m holding at 14-18 Mary Ave was offloaded by Wenxing Ma. Savills’ Kevin Carmody, who took the properties to market with James Stevenson, said the sale settled late last month.

“The buyer will take their time about planning a multi-unit approval on the site,” he said.

Mr Carmody said the buyer was attracted to the site’s great position, which is a short distance from Pacific Fair, a light rail station as well as the beach and Oasis Shopping Centre.

The site, which is now home to two buildings, a brick veneer duplex and a seven-unit building, was flagged by Mr Ma for a 94-level tower in 2016. The plan, however, did not find favour with the council.

Mr Carmody said they received 47 serious inquiries during the marketing campaign.

“There are qualified buyers that can be sourced from the Asian market, but they are not at the level they were a few years ago,” he said.