THE next piece in the puzzle for the Gold Coast’s high-rise resurgence has been uncovered, with the tired Surfers Royale building to be redeveloped into a high-flying tower.

Industry sources confirmed billionaire Riyu Li, who heads up Chinese development company Ridong Group, was involved in the purchase of the 14-storey building.

Ridong and their development counterparts Dalian Wanda Group are jointly behind the $1 billion Jewel project set to target the Glitter Strip’s top end.

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The buyer of Surfers Royale is also behind the $1 billion Jewel project at Surfers Paradise.
The buyer of Surfers Royale is also behind the $1 billion Jewel project at Surfers Paradise.

“The intention of the purchaser is to hold on to the existing asset for the short term … and when market conditions mature, they’re going to redevelop the site for luxury residential,” one source said. For more from the original Gold Coast Bulletin CLICK HERE.

Want more on the Gold Coast plans? – Resources | Future Gold Coast CLICK HERE.

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