The Gold Coast City Council has approved a twin-tower hotel and residential project for a riverfront Surfers Paradise site.
Chinese developer Sheng-Lan Group acquired the site at 2-20 River Terrace in June 2017 for $17.6 million – the twelfth time the site has changed hands since 2001 where it was acquired for $390,000.
Sheng-Lan bought the site from a company linked to Brisbane investor Brian Flannery, who purchased it off receivers for $6.38 million in 2011.
Approval has been given for two towers of 34 and 46 storeys comprising 503 apartments, 280 short term hotel suites and five townhouses in the podium levels.
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To be known as “River Terrace”, the project has been designed by Plus Architecture, with the towers’ facades featuring a “twisted” appearance; the development will feature views of the ocean, Nerang River and Gold Coast hinterland.
It would be next to the already approved 103-storey Orion Towers, the tallest of which will be the southern hemisphere’s tallest building. The Orion Towers received council approval in mid-2017.
Nearby, at 18 Remembrance Drive, Morris Property Group has proposed a nine-storey building that would consist of 80 dwellings and 160 rooms and appeal to the short-term accommodation market.
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In December, council granted a planning permit for a $200 million six-star residential development by Golden Gate Property Group and designed by Rothelowman on Wharf Road which has been marketed as one of the most slender towers in the world.
It neighbours the Jewel development which has recently been bought mid-construction by Chinese developer Yuhu Group from Dalian Wanda.