HK's Tony Fung acquires another Surfers Paradise site for $23 million

HK's Tony Fung acquires another Surfers Paradise site for $23 million
HK's Tony Fung acquires another Surfers Paradise site for $23 million

Aquis Australia, controlled by Hong Kong billionaire developer Tony Fung, is buying a 1700 sum beachfront site in Surfers Paradise for more than $23 million.

The 3464-3466 Main Beach Parade is one of the last major beachfront development sites in the area and was created through the amalgamation of apartments in the Pacific Point apartment building and two adjoining properties, according to the Courier Mail.

It will be Fung's third major acquisition of a site in Surfers Paradise in a year.

The 1700 sqm site has 70m of beach frontage.

“Beachfront development sites are increasingly rare or come with major hurdles to development,” Fung was quoted as telling the Courier Mail.

Fung also controls the ASX-listed Aquis Entertainment that owns and operates Casino Canberra and is currently progressing plans a for a large-scale real estate and entertainment project at Yorkeys Knob, north of Cairns.

Last year, he paid $55 million for the former International Beach Resort on the Surfers Paradise Esplanade where he is said to be planning a Q1-scale apartment tower.

Last week, a consortium comprising Aquis Australia, CCCC International Holding Ltd and Tandellan Group completed the acquisition of a 1.05ha site bordered by the Gold Coast Highway, Palm Avenue, Cypress Avenue and Surfers Paradise Boulevard for $40 million.

Fung said he and his partners were considering a range of development options for the site.

“It is the last, large-scale undeveloped site in Surfers Paradise and presents a tremendous opportunity to create something special that will compete for attention on the world stage,” he said.

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.

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