Veteran Gold Coast developer John Hembrow will return to the market this year, with work beginning on four sites worth a combined $566 million.
According to The Australian the Hembrow owned
Rayjon Group have picked up new projects in southeast Queensland, with fellow developer Jim Raptis planning several developments on the Gold Coast this year, including a 500-unit apartment complex near Harbour Town pending approval.
Featuring a $350 million
Urbia development in Burleigh, Rayjon’s largest project is set to have 650 apartments along retail and commercial space. An additional 357 apartments with an end value of $180 million will be developed in Benowa.
After being shelved in 2010 due to the global financial crisis, Rayjon will also relaunch the 81-apartment
Island Grove development in Hope Island.
Hembrow claims he used the post-global financial crisis period to prepare for an upturn in the property cycle.
“The Gold Coast certainly has its ups and downs and we have learnt from past experience that it is prudent to use the down times to secure your approvals and get yourself ready so you can react quickly when the inevitable happens and the market improves,” he said.
Beginning to develop in the Gold Coast as early as 1976, he says the area is rapidly maturing.
“It’s not just about the beaches and the glitz and glamour of the coastal strip, it’s more about diversity of lifestyle and the simple pleasures that come from this.”
According to CoreLogic, the Gold Coast came in second after Melbourne last year with the highest number of apartment sales, proving the Gold Coast is set for a big 2015.