Hong Kong billionaire Tony Fung has placed the International Beach Resort at 109 The Esplanade, Surfer's Paradise, under contract.
It is understood that Mr Fung is planning a development of up to 750 apartments on the 3833 sqm site, in the same style and scale as the Q1 and Soul projects.
Mr Fung’s company Aquis has confirmed the sale but declined to provide details.
“Aquis can confirm Mr Fung has contracted a site along Surfers Paradise Esplanade for an undisclosed price and is currently considering options for future development,” Aquis said.
“The transaction is subject to confidentiality and we cannot add anything further.”
The site was last sold in 1993 to Singaporean businesswoman Gertrude Guok.
It is the latest in a string of major projects slated for The Esplanade by Chinese and Singaporean investors. These include a tower taller than Q1 on a 3494 sqm site near the Surfers Paradise Surf Lifesaving Club.
A Hong Kong property group, which is paying about $65 million for the oceanfront property, says it will be taller than the Q1, which is 78 storeys, but unlikely to exceed 100 levels.
Singaporean resort group Banyan Tree has acquired two large blocks on the northern Esplanade, on which it plans to build a luxury resort and apartment complex.
Further south, work already is under way on the three-tower, $1 billion Jewel project being undertaken by two Chinese groups.