Brisbane developer Keylin Group has purchased a large-scale masterplanned estate in Hope Island, located on the Gold Coast’s northern corridor, for $50 million.
The development site was purchased from a joint-venture partnership between Malaysian multi-nationals Sime Darby and Brunsfield International Group, who had plans for an “exclusive” $650 million residential project on the estate, known as Serenity Cove.
Knight Frank's Mark Witheriff and James Branch and Colliers' James Holland and Brendan Hogan managed the sale, which had been marketed as “one of the last large-scale waterfront approved development sites within South East Queensland”.
The site has approval in place for a multi-staged masterplanned estate, that could see up to 100 housing lots and 250 townhouses.
Conglomerates Sime Darby and Brunsfield originally launched to market in late 2016 for the project.
When contacted, Keylin Group said it was unable to comment on the buy, with the transaction not yet concluded.
It is understood Keylin Group will develop a smaller portion of the 65-hectare estate.
The sale is expected to be finalised by early next year.
The latest buy adds to Keylin group’s existing Hope Island portfolio, which includes Park Cove Eastern Villas — a project consisting of 36 dwellings, and Palladium — a 39 villa project at 72 Palladium Boulevard.
Keylin Group also has plans for a residential development in Brisbane’s middle ring suburb of Upper Mount Gravatt. The group lodged an application for the 22-40 Dawson Road site late last year.
In Hope Island, a development application for 348 retirement apartments spanning five eight-level buildings was lodged for the former Village Square Market Place site at Sickle Avenue earlier this year, which sold for $17 million.
Nearby, Gold Coast developer Aniko Group, led by George Mastrocostas, has recently kicked off construction on its $140 million No. 1 Grant Avenue project.
Aniko’s project will deliver 210 apartments on the 8390sq m waterfront site.
Aniko acquired the Hope Island site for $4 million in December 2017.