Keylin Group has entered into a joint venture with Brisbane-based developer Kinstone Developments to complete a $650 million masterplanned development on the Gold Coast’s North Shore.
The development site was purchased from a joint venture partnership between Malaysian multinationals Sime Darby and Brunsfield International Group, with former plans for an “exclusive” residential project on the estate called Serenity Cove.
Sime Darby and Brunsfield had completed around $25 million in civil works on the site prior to the sale.
The 65 hectare site transacted for around $50 million, which the pair says is the largest development site transaction on the Gold Coast in almost five years.
While the original master plan comprised a mix of 450 homes, apartments and townhomes, as well as a mini-marina and 3800sq m of retail and dining, Keylin director Louis Cheung says the group will reposition the original proposal, now called Serenity.
“We’ve been working very closely with our partners Kinstone to present a staged delivery of this project to the market,” Cheung said.
“It will be the last master planned development on the Gold Coast’s North Shore, following Sanctuary Cove and Hope Island Resort.”
Cheung says around 27 hectares of the site will be retained as a nature reserve.
Kinstone completed Novotel South Brisbane in 2018. While Keylin is behind roughly $100 million in residential projects in Hope Island in the past three years, including the Palladium and Park Cove Eastern Villas projects.
Knight Frank's Mark Witheriff and James Branch and Colliers' James Holland and Brendan Hogan managed the transaction.
Also on the Gold Coast, are Ridong Group's $160 million plans for a development in Tallebudgera, which are currently undecided.
Ridong’s plans for the 50 hectare site, at 49 Tallebudgera Connection Road, include 162 villas, 98 hotel rooms, four restaurants, a wedding chapel, and a day spa. Council is expected to make a decision on the development in the coming week.