Massive resort earmarked for Olympic village relisted at $68m
The resort currently has 130 rooms but will grow to 1200 for the Olympic village in 2032.
QLD investor Peter Huang has confirmed his massive 327 hectare Kooralbyn resort is back on the market with a $68m price tag, packing a bonus as one of four Brisbane Olympic villages.
“The market has improved significantly in the last year but we are keeping the same price as last year,” he told Property Confidential.
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Property investor Peter Huang of Yong Real Estate has been fielding international interest for the property. Picture: AAP/Image Sarah Marshall
The relisting comes after a previous deal fell through linked to funding matters.
“We are offering vendor finance because people have difficulty getting finance. We are prepared to offer 1.99 per cent vendor finance.”
He said negotiations would be ongoing until international buyers could find funding solutions.
The 130-bed resort would be expanded into a 1200-bed operation for the 2032 Olympics, to cater mostly for water sports competitions that will be held in the area.
The property is located at 1 Routley Drive, Kooralbyn.
It has 327 hectares of land.
“At the moment it’s 130, so the Government is going to build more accommodation on the site. There are only four Olympic villages – Brisbane, Sunshine Coast, Gold Coast, and ours.”
“They approached us because the water sports will be in the dam which is close to our resort. We are the largest accommodation provider in Scenic Rim, so obviously it was logical. The Olympic Committee required about 1200 accommodation and we’ll utilise our existing facilities including a tavern, large restaurant, four star resort plus the beautiful facilities surrounded by mountains and lakes.”
Mr Huang is a keen landbanker and real estate market watcher, setting up Yong real estate agency in Sunnybank, after having arrived in Australia with $100 in his pocket in 1991.
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