Brisbane Lord Mayor Cr Graham Quirk has officially turned the first sod on the site of R&F Property Australia’s $200 million 'Brisbane 1' development in South Brisbane.
The fully-integrated residential complex on Cordelia Street will be the first development built by R&F Properties, one of China’s largest developers, outside of its home country.
Spearheading the company’s planned $2 billion investment in the Australian property market, Brisbane 1 comprises 608 premium apartments in three towers, offering residents and the community a contemporary mix of lifestyle and retail opportunities.
The development is projected to create 4,000 direct and indirect jobs during the two-and- a-half years of construction.
R&F Property Australia General Manager James Cui said strong pre-construction sales–in excess of $170 million–reflected the quality of Brisbane 1’s offering and investor confidence in the future of this transitional inner-Brisbane suburb.
“All apartments within Tower 2, the first to be tenanted in September 2018, have been sold, as have 80% of apartments in Tower 3,” Mr Cui said.
Brisbane 1 Project Passes $50 Million Sales Milestone]
“We expect to see similar strong sales for Tower 1 when they open shortly.”
Mr Cui said the development reinforced Brisbane’s global investment credentials.
“We are proud to be contributing to the development and growth of Brisbane into a true New World City,” he said.
R&F Properties, whose vast Chinese portfolio includes residential, retail, commercial and luxury hotel properties across twenty eight key cities and districts, has flagged its intent to be a major investor in the Australian property market.
R&F Property Australia has invested $210 million to purchase two other prominent sites in Brisbane, its current focus, as well as one in Melbourne.
The company has managed to get the appropriate governments on-side for the four projects, after revealing their collective projected to be worth more than $2 billion when complete. It has also sold them on the projection of generating about 1,500 jobs over the six years of construction and deliver $1 billion dollars in construction-related investment.