Gold Coast development: Ralan Group’s first Ruby tower opens in November before Paradise Resort demolished

THE doors of the Gold Coast’s newest luxury tower will open within weeks. The developer behind the $1B Ruby Collection has revealed when the next towers will be built and when a famous Surfers Paradise resort will be demolished.

THE man behind $2 billion worth of development in northern Surfers Paradise says the best is yet to come for the Gold Coast.

Ralan Group boss William O’Dwyer is the developer of the four-tower Ruby Collection and the proposed twin supertower Sapphire.

The Ralan Group’s Ruby project.

$450M TOWER’S CONSTRUCTION IMMINENT

With the first of the six high-rises now weeks away from completion, Mr O’Dwyer says he is so enthusiastic about the city’s future that he is “putting his money where his mouth is” in a bid to get in on what he tips will be the next decade’s answer to the late 2000s mining boom.

To do this, he’ll begin construction on Ruby’s second and third towers by June next year.

The fourth will soon follow, with the entire mega development completed by 2022.

William O'Dwyer, Managing Director of Ralan Group. Picture: Regi Varghese

“I believe we are completely underestimating the momentum of tourism which will be coming from the Asian market and from the growing middle class of China in the next five to 10 years,” he said.

“Tourism on Australia’s eastern seaboard, and especially on the Gold Coast, will be the next iron ore story of coming years and I am putting my money where my mouth is.

“I’ve said many times that most people are completely underestimating the Gold Coast, which of course is one of the fastest growing cities in Australia.

GAMES’ $30B DEVELOPMENT WAVE

Ruby tower 1 nearing completion. Supplied by Ralan Group

“It has one of the lowest vacancy rates in the country and it is the only place where prices are moving upward instead of sideways or down.”

The Ruby Collection, worth $1 billion, was revealed by the Gold Coast Bulletin in 2015.

Privately funded by Ralan Group, the first tower of the ‘integrated resort' will take its first guests on November 5 after construction finishes next month.

RUBY TOWER INCREASES IN SIZE

The Ruby towers will dominate the skyline over Budds beach. Supplied by Ralan Group

HOW GAMES AFFECTED RUBY’S CONSTRUCTION

The 30-storey tower, which has 230 units and 13-ground-level villas is expected to be heavily occupied over the Christmas season after what has been described as “bookings beyond our expectations”.

But with construction of Ruby towers two and three to begin next year, it will mean this year’s summer will be the last for the famous Paradise Resort, which will be demolished in the new year to make way for the towers, which will range from 32 to 60 storeys.

THE SUPERTOWERS INJECTING BILLIONS INTO THE GOLD COAST

The Paradise Resort will be demolished next year to make way for Ruby towers two and three. Supplied by Ralan Group

The four Ruby towers will have 1600 rooms and around 5000 jobs will be created across the construction period, with 1100 full-time jobs on completion.

The Sapphire development, featuring two high-rises of between 30 and 69 storeys, will be built on the neighbouring land on Norfolk Ave in Budds Beach and will be a ‘six star’ project. It is expected to be worth more than $1 billion and already has council approval.

Work on this is not expected to begin until after Ruby is completed

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An artist impression of the Ralan Group’s proposed Sapphire supertower development.

Mr O’Dwyer said he “could not be happier” with the quality of the first high-rise as the final fit-out continues.

“This year will the last of the summer wine for the Paradise Resort but I am very proud that despite many challenges and doubters we have successfully delivered the first tower,” he said.

“I feel a great sense of justification of my decision to put my money where my mouth is on the Gold Coast when others did not have the same belief in the market.”

William O’Dwyer Picture: Jerad Williams

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Mr O’Dwyer founded his Sydney development firm in 1997 and has worked extensively in NSW.

Ralan arrived on the Gold Coast in early 2015 and bought the Paradise Resort site and the neighbouring land for $94 million.

The Ruby towers, once completed, will become the largest independent accommodation provider in the state.

It is one of two major multi-tower developments on the rise, along with The Star’s $3 billion masterplanned development at Broadbeach.

That project took a major step forward last month as the first sod was turned on a $450 million 53-storey hotel and residential tower which will contain both The Star residences and Australia’s first Dorsett Hotel.