Gold Coast veteran developer Jim Raptis delivers bullish outlooks for city’s development sector in 2021
The Gold Coast’s reputation as an investment safe haven can only grow during the COVID pandemic, development survivor Jim Raptis says.
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THE Gold Coast’s reputation as an investment safe haven can only grow during the COVID pandemic, development survivor Jim Raptis says.
Mr Raptis, who rarely makes public comment, knows a few things about survival, after twice pulling off miraculous rescue deals to save his development empire.
In 1991 despite owing $65m to investors, his company worked its way out of trouble after striking a deal which saw creditors recover just 3.5¢ in the dollar.
The Raptis Group collapsed for the second time in two decades in 2008 under the weight of almost $1bn in debt but pulled off another Houdini in 2014 whittling down a $30m Australian Taxation Office bill to $6. He relisted the Raptis Group in 2015 and also runs a separate and unrelated development company with his son Evan Raptis.
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The latter has a substantial workbook under way with developments totalling 500 units, either under construction, approved for development or in the planning stages.
Mr Raptis said the strength of the Coast market could be seen in its inclusion in the top 20 of the Knight Frank Prime Global Cities Index: “The Gold Coast has registered prime price growth despite the pandemic and been recognised in the top 20 worldwide.
“As a long-time supporter of the city this is great news and augers well for the workbook we have in place.”
It includes The Gallery in Broadbeach with completion due at the end of May 2021, and a recent DA approval for an ultra-modern 27-storey residential tower in Main Beach.
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“Our city’s status as a globally ranked destination will continue as more people recognise the lifestyle and business opportunities,” Mr Raptis said.
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