According to a new report in local media, developers have not stopped their ambitions to develop land in the Broadbeach area on the Gold Coast. Two major Chinese developers have recently stepped in to secure larger tracts of land in various ways around Mary Ave, the west of Broadbeach.
One is Greenbeach Development, a Chinese developer that entered the Gold Coast last year. After paying $11 million for a piece of land in Mary Ave last year, the group recently quietly paid $4.5 million for several homes in the area to increase the size of the development.
In addition, they seem to have invested hundreds of thousands of Australian dollars in an apartment nearby Villa Pacific to make the land the largest development site in west of the Broadbeach at the moment.
The surrounding area of Mary Ave has attracted the attention of many real estate investors due to its regional uniqueness. Not only is it located in the Broadbeach area, currently the most watched area on the Gold Coast, it is also adjacent to the low-level broadbeach state school and its school playground. This means that, as long as the school exists, the land could be developed into buildings with almost unobstructed views of the sea.
Greenbeach bought the land at Mary Ave 14-18 last year, covering a total area of 1,514 square meters, for 11 million Australian dollars from investor Ma Wenxing, who bought the land in 2016 for 8 million Australian dollars, just two years the price is higher than 3 million Australian dollars.
Lxc Properties, another Chinese developer active around Mary Ave, has acquired more than 2,000 square meters of land along the Mary Ave and Surf Pde roads. Records show that there are 8 units of Karoonda on these two roads, among which 7 units have been purchased by Lxc for 730,000 Australian dollars each, and the last one is under communication, the owner bought the property for 80,000 Australian dollars in 1991.
Regardless of whether Greenbeach Development and Lxc Properties are pure investors or are prepared for subsequent development after purchasing the land, the Broadbeach area has undoubtedly become one of the most valuable land resources on the Gold Coast.
In addition to the above-mentioned two groups, another Chinese developer and two other companies are working on a new building on Broad Alexandra road. And more importantly, Sunland group's Hedges, which is on the market at the border between the Broadbeach area and Mermaid Beach, has an average price of more than $2 million and will take luxury apartments on Gold Coast to new heights.