Developer Raykong Property has announced plans for a $96 million mixed-use development comprising twin 15-storey towers at Upper Mt Gravatt in Brisbane.
It is the first Brisbane venture for Raykong Property, a company associated with the Zhang family which has been developing commercial and residential property in China since 2002.
The developer’s project manager, PDS Group, said the plans are for a proposed 174-apartment complex on a 3154 sqm residential parcel at 7-15 Cremin Street that Raykong purchased last year for $5.28 million.
If approved, the project’s towers will be the highest in Upper Mt Gravatt and they will offer sweeping views of the surrounding area and east to Moreton Bay.
The development will incorporate retail and commercial precincts, a shared basement and podium level, as well as rooftop communal facilities for residents including a swimming pool, outdoor cinema, private dining room and a barbecue area.
PDS Group director Michael Sutherland said Upper Mt Gravatt was an ideal location for an apartment development because of its proximity to major retail, education, employment and transport hubs.
The project site is within 200m of Westfield Garden City, Kessels Road and Logan Rd, and is a short distance from Griffith University’s Mt Gravatt and Nathan campuses.
Mr Sutherland said the development’s two and three-bedroom apartments would appeal to Generation Y and downsizers seeking quality and convenience.
He expected owner occupiers to account for 50 to 60 per cent of apartment buyers.
“This is a very convenient location with Garden City and Griffith University nearby and easy access to public transport and major arterial roads,” he said.
Becky Zhang, of Raykong Property, said the area had recorded steady capital growth during the past five years and she anticipated investors would reap returns of around 5 per cent.
Brisbane City Council is expected to make a decision on Raykong’s development application within two to four weeks.