$50m seals developer deal for Serenity Cove estate
Diminishing land supply in booming southeast Queensland has prompted Chinese-backed Brisbane developer Keylin Group to buy into the northern Gold Coast, picking up Hope Island’s Serenity Cove estate in a deal worth about $50 million.
The 65ha undeveloped portion of the lakefront estate was listed in June by vendors Malaysian joint venture parties Sime Darby and Brunsfield International, which had held it for the past 13 years through Knight Frank and Colliers International.
Keylin Group will develop just 16ha of the 65ha estate into 100 freehold housing lots, as well as about 300 residential dwellings, mainly townhouses. It may also develop a retirement and commercial precinct, while a mini marina is also planned.
Commercial Insights: Subscribe to receive the latest news and updates
The Serenity Cove site has frontages to Coombabah and Saltwater Creek and was once part of the Oyster Cove estate.
Residential developers such as Stockland, Singapore’s Frasers Property and Villa World had initially shown interest in buying it from the Malaysian joint venture partners.
Sime Darby and Brunsfield bought into Hope Island in 2006 and spent more than $25 million on infrastructure works, including increasing Lake Serenity’s size.
Included in that infrastructure development was a $5 million marine lock connecting the 18ha Lake Serenity with direct ocean access via Saltwater Creek.
For its money Keylin has purchased one of the last major development sites in the Gold Coast’s booming North Shore precinct.
In the past three years, Keylin has delivered about $100 million in residential projects on the Gold Coast.
The Serenity Cove site was previously earmarked as an extension of the Oyster Cove development on Hope Island.
The sale is due to settle early next year.
The site is within in the Hope Island and Helensvale precinct near the world-renowned five-star Sanctuary Cove.
This article originally appeared on www.theaustralian.com.au/property.
