Skyhold Property is placing a bet each way on low and high-density residential developments in Brisbane in the belief both will pay off.

The Brisbane-based developer picked up a brick building with five units at 312 Bowen Terrace, New Farm, with frontage on Oxley Lane for about $5.2 million last year.

It has now been demolished and construction is under way to replace it with four luxury houses for more than $5 million each.