R&F Properties laid down an ambitious plan in Queensland’s Springfield that may see 10,000 new apartments built, valued at more than $6 billion.
The apartments will be part of the Guangzhou-based group’s plan for ‘Central Gardens’ a masterplanned community which will include 20 mid-rise and high-rise unit towers, and 9000 square metres of shops and office space that will be planned out across 15 years of development.
The development site is adjacent to the train station and the Mirvac Orion shopping centre at the Brisbane satellite precinct, which is proposed to play a central role as a population hub under southeast Queensland’s regional plan.
“A key attraction which drove the significant interest in the Central Gardens development is the fact that Greater Springfield is a true master planned city which will drive significant demand and amenity to the Central Gardens development,” Real Estate Australia Managing Director Tim Church told The Australian.
“The vision for this significant project is very exciting and is the logical step in the evolution of the city’s residential real estate offering.”
R&F Properties signed an agreement with Springfield Land Corporation and other Chinese investors in order to get the Central Gardens project off the table and into reality.
According to The Australian, Springfield Land Corporation Chairman Maha Sinnathamby said they were “delighted” to partner with R&F and see Central Gardens accelerate the growth of Greater Springfield by providing new housing and work choices for the diverse and growing community.
“Greater Springfield is already one of Australia’s fastest urban growth regions and this significant project will bring many opportunities for our community and commerce base to grow and prosper here.”
Queensland Premier Annastacia Palaszczuk is expected to be present when the official announcement of Central Gardens takes place.
R&F entered the Australian market three years ago, splashing out $46 million for a South Brisbane development site from David Devine’s Metro Property Development.
Twelve billion dollars has been invested into the region, with about $600 million in construction work being carried out each year.