Macau casino tycoon selling prime Surfers Paradise site formerly earmarked for 89-storey Spirit
A Macau casino tycoon who has become a major Glitter Strip landlord is making a move on one of the last remaining undeveloped prime sites in central Surfers Paradise. Check it out
Gold Coast
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A Macau casino tycoon who has become a major Glitter Strip landlord is making a move on one of the last remaining undeveloped prime sites in central Surfers Paradise.
Casino boss Loi Keong Kuong is making a spirited international push to sell the blue-chip super-tower site that had been earmarked for an 89-level tower called Spirit.
The billionaire is chasing interest in the land on which Chinese group Forise nine years ago planned the Spirit highrise which never eventuated.
Mr Loi, who owns Macau’s Rio casino, bought The Esplanade property for $56.5 million in 2019 after Forise beat a hasty retreat from the Gold Coast.
Roland Evans, principal of Canford Estate Agents, said presentations to potential Spirit site buyers were scheduled for Singapore, Dubai and London.
“Unsolicited offers to buy the site have been the catalyst for the sell-off move and I believe the holding could bring between from $80 million to $100 million, or even more.
“After all, the property has to be one of the premium beachfront sites in Australia.”
The 3494 sqm site was bought Forise for $65 million in 2015 and it went on to spend $40 million on the diaphragm and 40-metre piles for a six-level basement.
Mr Evans, who handled that sale, said the basement work could cost double that today.
The DBI-designed Spirit, for which development approval is still alive, was to include a $41 million penthouse, restaurants and boutiques.
Three podium levels were to house what Forise said was “the highest brand of shopping and restaurant experience that can be offered anywhere in the world”.
A deck atop the tower was to include an infinity-edge pool offering views across the Gold Coast and down on the city’s then tallest tower – the Q1.
The group, when it suddenly left the Gold Coast, sold other assets including a large apartment in the Soul super-tower inn Surfers Paradise.
Casino owner Mr Loi has more than $200 million invested in the Gold Coast.
He paid receivers $90 million in early 2018 for the Soul Boardwalk retail area north of the Spirit site.
Two years later he bought the Circle on Cavill retail centre in Surfers for $61.8 million.
The Spirit site expressions of interest close on May 24.
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