BROOKFIELD MULTIPLEX HAS SPIT IN ITS EYE

Written on the 25 May 2011

BROOKFIELD MULTIPLEX HAS SPIT IN ITS EYE

THE developer behind Hilton Hotel Surfers Paradise has become the front runner to develop the land opposite Sea World at Main Beach’s The Spit.

Treasurer and minister for state development Andrew Fraser, has announced that Brookfield Multiplex (ASX:MXG) has been selected as the State Government’s preferred developer for the five hectare block known as the North Development Area.

The Perth-based development and construction group came through a competitive expression of interest (EOI) shining, and now has until the end of June to submit a proposal to the state.

“As the proponent that most clearly met the state's objectives and requirements, Brookfield Multiplex will now progress to the next stage of the procurement process,” says Fraser.

“They will be asked to submit a proposal by late June 2011 outlining its development concept, timetable, key commercial terms and financial offer to the Coordinator-General.

“Subject to a satisfactory proposal being received, Brookfield Multiplex will be asked to submit a detailed development proposal and binding bid to the state by late August 2011.

“Following this, agreements with the state could be finalised by late 2011 to enable the project to commence.”

The news comes on the same day Brookfield Multiplex posted another major off-the-plan sale at the $700 million Hilton Surfers Paradise on the Gold Coast, with a sub penthouse on Level 53 fetching $4.43 million.

The sale equates to more than $18,400 per sqm and comes on the back of the $4.7 million sale of a sub penthouse on Level 54 earlier this year, which set a new record for the project at close to $20,000 per sqm.

The sale is believed to be one of the highest prices per square metre rates ever achieved in Queensland.

Both sub penthouses are situated in Orchid Tower, the second stage of the dual tower Hilton Surfers Paradise, which is due for completion in the third quarter of 2011.

“To achieve two sales well in excess of $4 million in a matter of months is a fantastic additional endorsement that Hilton Surfers Paradise continues to meet the mark for high end buyers in terms of its quality, location and unique offering,” says sales and marketing director Tim Willing.

“The (latest) purchaser was impressed with Hilton Surfers Paradise and specifically wanted to secure one of the most luxurious apartments in the project. As is the case with the majority of our high end buyers, the purchaser intends to use the sub penthouse as a lock and leave holiday home.”

More than $430 million of sales have been achieved at Hilton Surfers Paradise to date. Construction of the 57-level Orchid Tower is moving forward ahead of schedule for completion in the third quarter.

Boulevard Tower features 186 residences, the majority of which are under the management of Hilton Hotels & Resorts, while Orchid Tower will feature 224 residences, which can be placed under Hilton management, together with a dedicated 169-room Hilton Hotel.

The remaining residences in Orchid Tower are priced from $1.195 million.


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