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Saturday, November 13, 2010

Properties worth A$850m sold at Sanctuary Cove

SANCTUARY Cove is one of Australia’s most successful resort-styled residential projects which Mulpha Australia acquired in 2002 for about A$208mil (RM640mil).

Located on the northern end of the Gold Coast and a 40-minute drive from Brisbane, the more than 2,000-resident estate boasts two golf courses, four harbours, 15 restaurants and harbourside cafes. It still has homes and land for sale ranging from just under A$500,000 (RM1.5mil) up to A$8mil (RM25mil).

Mulpha had acquired Sanctuary Cove from its previous Japanese owners who had collapsed into receivership in the early 1990s. The Japanese were intent on making it a big success and are said to have pumped in some A$1bil (RM3.1bil) into infrastructure at Sanctuary Cove.

However, due to overcapitalisation, the Japanese had faced financial troubles and had to sell it. When Mulpha bought Sanctuary Cove, only under a third of it was developed, with only 600 houses built on the site.

Since then, Mulpha has sold about A$850mil (RM2.6bil) worth of properties at Sanctuary Cove, says Alison Quinn, Sanctuary Cove executive general manager. She says that in the first half of this year alone, more than A$60mil (RM186mil) of property sales were achieved.

Since acquiring it, Mulpha has also invested as much as A$250mil (RM773mil) into the infrastructure of Santuary Cove, focusing on its golfing facilities, creating a retail precinct and expanding its marina.

Sanctuary Cove has a total capacity of 1,922 lots, with more than 800 individual titles yet to be developed including waterfront blocks, golf course and hillside land.

In January this year, as a move to provide more variety into its offerings, Sanctuary Cove released the first homes as part of a joint venture with Australia’s Sunland Group.

The joint venture will involve 117 new luxury homes and duplexes with golf and lake views.

Sunland is the developer of Q1, a tall skyscraper located in Surfers Paradise, on the Gold Coast. It is the world’s tallest residential tower, and the tallest building in Australia.

Last year, more than A$100mil (RM310mil) worth of properties were sold on Sanctuary Cove. It had been reported that this was made up of at least 50 properties, including a large waterfront block that went for A$7.2mil (RM22.2mil) to a Hong Kong-based businessman.

Sanctuary Cove is one of the few property projects in Australia with the Foreign Investment Review Board (FIRB) exemption status, meaning that foreigners can buy and sell properties there without restrictions.

Quinn believes that the company is well-placed to hit the A$100mil mark of sales again this year.

She says a recent A$20mil (RM62mil) investment on Sanctuary Cove’s golfing facilities, including the construction of an A$13mil (RM40.2mil) golf clubhouse followed by an overhaul and redesign of its golf course, has enhanced the community’s appeal.

“We are in the midst of very exciting times at Sanctuary Cove,” Quinn says.

“As a result of this strategic investment, Mulpha now has one of the largest and most diverse property portfolios in the country, and a level of infrastructure and lifestyle facilities that is unrivalled by any other residential community.”

By The Star

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