Yuhu Group's Plagued $1bn Jewel Tops Out on the Gold Coast
The $1 billion beachfront Jewel development has reached topping out stage, leading the charge in a lineup of super towers underway on the Gold Coast.
Yuhu Group celebrated the tallest of the project’s three crystalline towers topping out, which now stands 47 storeys high, soaring 170 metres into the Gold Coast skyline.
Jewel, along with other major Gold Coast projects such as developer Forise Holding's $1.2 billion “Spirit” tower set to become Queensland’s tallest residential tower, Ralan Group’s Ruby Tower and Sunland’s Hedges Avenue skyscraper are expected to usher billions of dollars into the Gold Coast’s economy.
The Jewel represents the first absolute beachfront resort development on the Gold Coast in more than 30 years.
Sales have resumed on the luxury offering with two-bedroom, two-bathroom apartment priced around $1.3 million, while one-bedroom entry-level apartments are priced from $799,000.
It is understood that a luxury penthouse in the project is available for around $16 million.
Related: Developers Address Demand for Larger Apartments on the Gold Coast
Architect Chad Oppenheim and DBI’s Barry Lee designed the towers’ glass curtain wall, drawing inspiration from three smokey quartz crystals discovered in the Gold Coast region.
The Gold Coast's economic fundamentals appear to be solid with more than $12 billion in further infrastructure spending post-Commonwealth games and tourism numbers expected to rise to 13 million annually.
Yuhu Group Australia director Jimmy Huang is convinced Jewel will bring substantial community benefit to the region.
“It will truly be a world-class asset that will help underpin the broader economic contribution we want to make to the Gold Coast in terms of supporting tourism and employment,” Huang said.
Yuhu Group is also currently developing One Circular Quay, which is part of a multibillion dollar rejuvenation plan on Sydney’s CBD waterfront.
The company settled on the Sydney Harbour and Gold Coast assets in a deal worth $1.13 billion in January following a sell-down from fellow Chinese conglomerate, Wanda Group.
The development is currently under internal fit-out with completion scheduled for mid-2019.
