Gold Coast market welcomes new tower plans
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 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.
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