Dirt Turned on Surfer’s $1.5bn Paradiso Place Precinct

Dirt has turned on the $1.5-billion Paradiso Place at Surfers Paradise, one of the largest projects to begin on the Gold Coast in more than a decade.

The mixed-use project spans a 1.15ha site between Surfers Paradise Boulevard and Ferny Avenue and will comprise three residential towers rising 41, 40 and 44 storeys.

A total of 845 apartments will be delivered across the trio of high-rise buildings.

The project is being delivered by SPG Land, which established in-house construction arm SPG Built, in partnership with Eastview Australia, to undertake the build.

The towers have been designed by Rothelowman and will be connected via elevated skybridges forming an integrated podium-level “beachside village.”

The scheme includes a low-rise retail precinct at ground level featuring curated food, beverage and lifestyle offerings.

Residences will offer a mix of two, three and four-bedroom layouts alongside sub-penthouses and penthouses.

The design incorporates premium residential amenity including private dining rooms, lounge areas and dedicated events spaces.

The developer intends to retain control of the retail precinct and short-term letting operations to ensure a premium offering across the estate.

Stage one is scheduled for completion by the end of 2029.

▲ A rendering of part of the Rothelowman-designed triple-tower precinct now under way in Surfers Paradise.

Touted as one of the fastest-selling projects on the Gold Coast, The Urban Developer reported in June of last year that almost four years after its approval the feasibility juggling act was continuing for SPG Land.

At that time the Hong Kong-based developer filed revised plans after undertaking an efficiency review “to achieve the economies of scale to maintain the economic viability of the project”.

Under the reworked scheme, key changes included the addition of two storeys to each tower to accommodate an extra 46 units, increasing the project’s overall yield from 799 to 845 apartments.

SPG Land, headed by David Wang, acquired the Surfers Paradise site for $28 million in 2021 from Hyundai.

It outlaid $4 million to build its sales centre—touted at the time to be the southern hemisphere’s largest—to launch Paradiso Place. The doors swung open in late 2021 and, claiming to be one of the Glitter Strip’s fastest-selling project, it reported a sell-out of the almost 260 units in its first two stages within 15 months.