Developments

HK company wants resort higher than Q1

The Hong Kong property group that purchased the Iluka site in Surfers Paradise from US-based Goldman Sachs for $65 million has plans to build a resort taller than the 78-storey Q1.

The developers have had the 3494m² Iluka site under contract since late 2014 and the deal became unconditional last week.

Goldman Sachs acquired the Iluka site in 2013 in a deal with Suncorp worth $1.6 million to control several distressed loans. One of the Gold Coast’s original high rises, the 1971-built, 17-storey Iluka was demolished the same year.

 

Rosie Clarke

Rosie Clarke is managing editor at Multimedia Publishing.

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