Development giant Yuhu Group has expanded upon its $1 billion Jewel development, snapping up a neighbouring parcel of land in Surfers Paradise.
The $11.25 million purchase includes two low-rise apartment buildings on a 1264sq m parcel of land adjacent to the major Jewel development.
While no specific plans for the 2 Wharf Road site have been finalised, Yuhu chairman Jimmy Huang said the vision for Jewel is to “create the most desirable destination possible for both residents and visitors”.
“The extra land could, for example, lend itself to additional retail and commercial offerings, including facilities to support leisure, exhibitions, entertainment or business activities.”
Yuhu Group acquired the historically difficult development project from Chinese conglomerate Dalian Wanda, along with One Circular Quay in Sydney, for $1.13 billion in May last year.
The three crystalline towers that form the Jewel project reached topping out stage last August.
Related: ‘It’s Just Another Normal Working Day’: Yuhu On Jewel
In North Sydney Yuhu has topped out its $250 million residential development ‘The Miller’ reaching its maximum 21-storey construction height.
The PTW-designed tower will comprise 169 private residences and 100 serviced apartments, managed by Quest when complete.
Huang says The Miller will provide high-quality urban living in North Sydney.
“It is also in proximity to the waterfront and Sydney CBD just two kilometres away,” he said.
The Miller is scheduled for completion in the third quarter of this year.
