QINGJIAN GROUP TAKES OVER SURFERS PARADISE DEVELOPMENT
Written on the 29 September 2016
GLOBAL development and construction giant Qingjian Group has taken control of the $107 million Northcliffe Residences beachfront project in Surfers Paradise, laying the foundation for its push into the Australian market.
The 64-year-old Chinese conglomerate, known as CNQC and ranked in China's Top 500 enterprises for 12 consecutive years, has developed major infrastructure and residential projects across the world.
CNQC's turnover exceeded RMB$50 billion in 2015. The company operates throughout China along with the USA, South America, Singapore, Africa, Europe and most recently, Australia.
Highlights of its worldwide development portfolio include luxury villas on Dubai's iconic Palm Jumeriah, the UAE's spectacular Nad Al Sheba racecourse, the Beijing 2008 Olympics sailing venue and airports in China and Yemen.
CNQC has increased its original stake in Northcliffe Residences and will take full control going forward.
Eastview Australia will project manage the 25-level Northcliffe Residences, which has development and operational works approval.
Eastview managing director Graham Goldman said the demolition contract had been awarded and clearing of the site would begin on October 4.
Goldman, who is also the director of CNQC's Australian construction and development arm, said CNQC's decision to take control of the project allowed site works to start immediately.
"Buyers now have the confidence of knowing the project is moving ahead in the hands of a highly reputable and experienced global developer," he says.
CNQC will use Northcliffe Residences as the launching pad for further projects in Australia.
"The company is not just here to do one project, this development represents its entry into a new market," says Goldman.
"CNQC, in conjunction with Eastview, is actively looking at other development opportunities in Queensland and Sydney."
Northcliffe Residences is located at 3 Northcliffe Terrace and will offer 75 luxury apartments including a two-level penthouse with private rooftop pool and entertaining terrace, and four whole-floor sub-penthouses.
The development, which is being marketed by McGrath Projects, has achieved more than $52 million in pre-sales.