Macau casino boss boosts Gold Coast market with Forise acquisition

Macau casino boss boosts Gold Coast market with Forise acquisition
Macau casino boss boosts Gold Coast market with Forise acquisition

A consortium led by a Macau casino boss Loi Keong Kuong-led has emerged as paying $56.5 million for Gold Coast site recently offloaded by the Hong Kong-based Forise.

Forise had paid $65 million for the 3,494 sqm site in 2015 with plans to build the Southern Hemisphere’s tallest tower.

It then spent a reported $40 million plus on construction of a six-level basement.

Roland Evans, at Canford Estate Agents, said the new owners intended to develop the planned 89-floor tower but changing the interior design and layout to incorporate a luxury-brand hotel.

The consortium members are operating through trustee company 3 Trickett Street.

The ownership of company 3 Trickett Street is primarily held by the Loi family and, according to company records, includes Chinese billionaire Riyu Li, one-time investor in the three-tower Jewel beachfront project south of Surfers Paradise, with 10 per cent.

Loi, who owns Macau’s Rio casino, also paid $90 million in early 2018 for the Soul Boardwalk retail area north of the Spirit site.

The local paper The Gold Coast Bulletin reported Forise’s disastrous Gold Coast foray saw it locked out of a $3 million sales display suite close to the Spirit site.

Yun Wei “Fenix” Dong, was the CEO of Forise Investment Australia, the company behind the abandoned Spirit development.

Creditors were taking legal action over unpaid debts, including WorkCover Queensland, which sought an application to wind up the company to recoup $19,000.

Parties connected to the development have now been paid and the few buyers have had their deposits refunded.

Forise had engaged The Agency projects team to exclusively sell and market Spirit, the $1.3 billion Gold Coast residential tower.

The collapse of Forise impacted on The Agency projects team, since it was the biggest deal signed by the division headed by Steven Chen.

Spirit had 479 DBI designed apartments to sell, including an entire floor penthouse, boasting over 1000 sqms that Chen expected to sell for in excess of $30 million.

As its building base works commenced in the first quarter of 2017 The Agency was expecting commission to flow following its 2020 completion.

During the company’s embarassing exit, chairman Xin Wang sold his $3.6 million 68th floor sub-penthouse in Soul, with Paul Ledgerwood at The Agency securing the sale, in conjunction with Laura Langford at Canford Property Group.

It had been bought for $3.5 million in 2013 from Juniper, the developer.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Gold Coast Overseas Investment

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