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The Hilton Surfers Paradise Hotel & Residences will have a truly international flavour, with offshore buyers already securing more than $100 million worth of apartments in the dual towers.
Global interest in the landmark $700 million project, which will include the first upscale international hotel to open in the city in more than a decade, continues to grow, although Australian buyers still dominate, accounting for about $250 million of the total $351 million in sales so far.
International buyers have come from Singapore, UK, Dubai, South Africa, Israel, Kenya, Fiji, Russia, China, Greece, Cyprus, Netherlands, Sweden, Solomon Islands, Qatar, Oman, Norway, New Caledonia, Hong Kong and Bahrain.
Brookfield Multiplex director of sales and marketing Tim Willing said international purchasers were buying for their own use and as an investment.
“Many of our international buyers intend to use their residence as an Australian holiday home and simply ‘lock and leave’ when they are not here,” he said.
“Others see it as a pure investment, while some see it as a lifestyle investment, where they can place their residence under Hilton management and still make regular visits to the Gold Coast.”
In Australia, buyers hail from every state and territory, although sales have been mostly to Queenslanders, particularly from Brisbane and the Gold Coast, accounting for $140 million.
Buyers from NSW account for about $50 million of sales, followed by Victoria at $33 million.
Mr Willing said the sales showed the project had resonated with buyers from Australia and around the globe.
“Purchasers are very familiar with the Hilton brand and its well established reputation as one of the world’s leading hotel chains,” he said.
“Buyers are intrigued by the hotel services concept, which is being adopted in progressive cities around the world like London, Berlin, Las Vegas and New York.
“It is the progressive trend in apartment living and people want to be part of it.”
The sold-out Boulevard Tower will have 186 one and two-bedroom residences and is due for completion late this year.
The 70 per cent-sold Orchid Tower will have 224 two, three and four-bedroom residences and a 169-room Hilton hotel on completion in late 2011.
Residents will have the option to utilise, on a user-pay basis, hotel services such as concierge, valet parking, in-room dining and maid services.
Gold Coast property news:
August 15th, 2009
IT’S only up from here on.
A month after construction on the $700 million Hilton Surfers Paradise resumed, the ground floors on both towers have been completed — and then some.
As the towers sprout, 15,000 truckloads of sand will be excavated for the 18m deep basement — the deepest on the Gold Coast.
Foundations for the development will sit at 41m, while 80,000 cubic metres or 10,000 truckloads of concrete will be used during construction.
More than 125,000sqm of glass will be built into the facades and 150,000sqm of tiles will be used.
Construction of the dual-tower project is being carried out by Brookfield Multiplex on behalf of financier ANZ.
Brookfield Multiplex construction manager Peter Bell said construction was ongoing in three separate areas on the site.
“We are starting the third level on the west tower, the first on the east tower and we are also working on the five-level basement,” he said.
He said three cranes were in operation on the site.
The project will require more than 1 million construction hours to complete, with around 1000 workers involved at its peak.
Mr Bell said since construction resumed — following the fallout of original developer Raptis Group — the energy on site had increased.
“Everyone is really happy and positive,” he said.
Tower one, the Boulevard Tower, is on track for completion in late 2010, with the second tower, Orchid Tower, expected to be finished in late 2011.
Hilton already has chalked up more than $295 million in sales, including the recent $8 million sale of an entire floor in Orchid Tower to a Chinese purchaser.
Boulevard Tower, which will have 186 one- and two-bedroom residences, has sold out.
Orchid Tower — 60 per cent sold — will comprise 224 two-, three- and four-bedroom residences and a 169-room Hilton hotel.
Gold Coast Bulletin - 9th June 2009
AFTER nine months of debate Gold Coast City Council is set to grant the Surfers Paradise Hilton a $2 million concession to accelerate construction.
Councillors will vote today on a proposal to forgo a community benefit contribution in light of property group Brookfield Multiplex’s bold estimate of what the $700 million hotel will deliver to the Gold Coast economy.
Brookfield Multiplex took over the project in May from the embattled Raptis Group.
Surfers Paradise councillor Susie Douglas and Mayor Ron Clarke have been lobbying for the council to grant the controversial cut in council charges since October last year as a way to keep the stalled project on track and workers in jobs.
Work on the Hilton ground to a halt last year, initially following receivership of Raptis Group’s Southport Central project.
The entire Raptis empire has since been embroiled in financial strife, culminating in administration for the flagship listed entity in February, forcing a massive asset sell-off including the Hilton project.
Cr Douglas and Cr Clarke pushed to waive the project’s public contribution costs which were in return for bonus variations in the hotel design.
“The value this recognised brand will bring to the city is enormous,” said Cr Douglas.
“By allowing this, we are saying yes to jobs and effectively adding to our stimulus package for the city.
“If we don’t push this through, many businesses that are relying on this project will suffer and Surfers could be left with a big hole in its heart for years.”
If the plan is given the green light by the council planning committee today and full council next week, Hilton will avoid paying public contribution costs which include $1.248 million on public art, $727,455 on a tourist information centre, $425,00 for affordable housing, $77,250 for streetscaping at Surfers Paradise and $40,000 for new safety cameras in Orchid Avenue.
The proposal initially divided councillors, with many fearing the relaxations would create a precedent for other developers and jeopardise millions of dollars in promised public works.
But objectors have since been won over after a presention from Multiplex earlier this year predicted the new hotel would inject up to $2.2 billion into the city’s economy over the life of the asset and create 3000 jobs.
Cr Douglas yesterday stressed no precedent would be set by the council’s expected approval of the agreement.
“This is a special case and a one-off decision,” she said.
The project when complete will include 410 residential apartments as well as a 169-room hotel.
Article from: The Australian
CONSTRUCTION giant Brookfield Multiplex has stepped in to rescue a $700 million building project in Surfers Paradise.
The project is the Hilton Hotel , being built by debt-stricken property firm Raptis Group.
Brookfield Multiplex will provide funding as a joint venture partner on the five-star hotel, with expectations the project will be completed in 2011.
Arrangements are to be finalised next month, Raptis said.
The Queensland-based company launched the dual tower Hilton Surfers Paradise in November last year and had been looking for rescue partners.
Population growth projections are a solid platform for new development projects on the Gold Coast.
But there is speculation among analysts about whether there are sufficient projects being undertaken to meet the demands of the future.
RP Data research analyst Cameron Kusher said according to the figures from the Australian Bureau of Statistics, on a state by state basis, Queensland would need the most dwellings over the next 50 years.
Mr Kusher said the population was projected to swell by more than 4.5 million people.
Government and private enterprises are responding with billions of dollars being injected into commercial projects and infrastructure.
From transport to education facilities, shopping centres and tourism facilities to a new hospital, the list of current and proposed projects is extensive.
While the challenges of the current economic climate can’t be ignored, it is the development industry’s optimism for the future that keeps the Gold Coast vibrant.
The Hilton Surfers Paradise Hotel and Residences is one of the projects that are meeting buyer demand and setting new benchmarks!
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Hilton Surfers Paradise Sales Enquiry Centres: Hilton Gold Coast Sales Enquiries:
(07) 5641 0234 |
