Hong Kong billionaire picks off third Gold Coast site

Hong Kong billionaire developer Tony Fung’s Aquis Australia has made its third major Surfers Paradise development site acquisition within 12 months.

Equis Australia’s Gold Coast march will continue after it secured a prime beachfront development site at the northern end of the famous tourist strip.

In its latest deal, Aquis Australia will pay more than $23 million for a 1700sqm parcel of land located at 3464–3466 Main Beach Parade, which includes 70m of beach frontage.

It is one of the last major beachfront development sites in the area and was created through the amalgamation of apartments in the Pacific Point apartment building and two adjoining properties.

“Beachfront development sites are increasingly rare or come with major hurdles to development,” Fung says.

The Gold Coast is experiencing a period of rapid growth that we expect will continue for a number of years

“Following amalgamation, this site provides a relatively clear path to completion.

“We are strong believers in the long term growth of the Gold Coast and believe Surfers Paradise will be the focal point for that growth.”

Last week a consortium comprising Aquis Australia, CCCC International Holding and Tandellan Group completed the acquisition of a 10,500sqm site bordered by the Gold Coast Highway, Palm Ave, Cypress Ave and Surfers Paradise Blvd for $40 million from Orix.

Aquis Australia is buying up development sites on the Gold Coast.

Meanwhile, last year Fung paid $55 million for the adjacent former International Beach Resort, on the Surfers Paradise Esplanade, on which it is understood he plans to build a Q1-style apartment building.

However, Fung failed in his bid to also acquire the Sheraton Grand Mirage for $160 million last year.

Fung says the Gold Coast Highway site “is the last, large-scale undeveloped site in Surfers Paradise and presents a tremendous opportunity to create something special that will compete for attention on the world stage”.

We are strong believers in the long term growth of the Gold Coast and believe Surfers Paradise will be the focal point for that growth

“The Gold Coast is experiencing a period of rapid growth that we expect will continue for a number of years due to its mature tourism and hospitality industry and stunning natural beauty,” he says.

Fung controls the ASX-listed Aquis Entertainment that owns and operates Casino Canberra and is currently progressing plans a for a large-scale real estate and entertainment project at Yorkeys Knob, north of Cairns.

Aquis recently dropped plans to incorporate a casino into its $8 billion Cairns project and will instead focus on a strong hotel and residential component with an aim to start construction next year.