Kokoda Reveals Builder for $1.5bn Teneriffe Banks
Kokoda Property Group has tapped Sydney-based builder Versatile Construction for its Teneriffe Banks precinct.
The developer completed settlement for the Brisbane riverfront site in July 2025, and construction on the 17,612sq m site is expected to start this month.
Delivery of the 212-apartment, $1.5-billion development will happen in stages from 2028.
The Teneriffe Banks precinct will comprise four towers alongside Brisbane’s first Kimpton Hotel, as well as retail, hospitality and wellness amenities.
Aimed at the top end of the market, the precinct will comprise homes of two to four bedrooms priced from $1.9 million. Kokoda achieved $285 million in sales on the project’s first day on the market in 2024.
Kokoda Property Group founder Mark Stevens said that demand for the project had been “extraordinary”.
“It reinforces everything we’re doing around quality, design, and creating genuine lifestyle precincts,” he said.
“Buyers are recognising the enduring value of Brisbane’s riverfront and are responding to the opportunity to live within a world-class destination that celebrates both place and lifestyle.”
Appointing a builder is a major milestone given the challenges of signing builders in the hot Brisbane market, where it is expected construction capacity will soon be taken up in major Olympics-related developments.
Kokoda said 2000 jobs would be created during construction, supporting local contractors and suppliers.
Versatile Construction is part of the Versatile Group that also includes Sydney developer Perifa.
Versatile Group chairman Marco Fahd said Brisbane was entering a “transformational decade”.
“We are looking forward to expanding our footprint in the state, taking on our inaugural project in Brisbane, and bringing our deep construction expertise, whilst delivering on the benefits of our integrated model,” Fahd, who is also chief executive, said.
Teneriffe Banks was approved in 2024 after Kokoda spent $100 million to acquire the 17.5ha site at 17-27 Skyring Terrace, formerly a World War II-era submarine base.
Meanwhile, Lendlease and QuadReal Property Group’s build-to-rent project, Exhibition Place, has topped out at Bowen Hills.
The 37-storey development will deliver 443 purpose-built rental apartments within the Brisbane Showgrounds.
Designed by Cottee Parker, Exhibition Place will be an all-electric building, targeting a 5 Star Green Star rating.
Completion is slated for next year. It is expected to be Brisbane’s tallest build-to-rent development.
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