Funding secured for $300m sustainable Surfers Paradise project
Originally published on www.theurbandeveloper.com/articles/MRCB-surfers-paradise-queensland-skyscraper-progress
The Malaysian developer behind a planned 51-storey Surfers Paradise tower says it is shopping for a builder and will break ground on the $300-million project early next year.
MRCB International said it had secured funding from Malaysian financial institution MBSB Bank for the project, 26 Vista.
The plans for the tower were filed with the Gold Coast City Council in May of last year.
The DBI-designed slender tower is planned for a 3100sq m vacant block at 26 Vista Street, formerly home to a putt-putt golf course.
The tower is to rise to 172.4m and comprise 280 apartments plus six three-storey terrace houses fronting Northcliffe Light Rail Station.
The developer reportedly paid $17 million for the site in 2021.
The residential mix includes 56 one-bedroom apartments, 154 two-bedroom, 62 three-bedroom and eight four-bedroom apartments.
Level 4 is a dedicated communal recreation space with a gym, outdoor pool, sauna, steam room, ice shower and pool lounge. There will also be rooftop gardens and a kitchen and dining room.
MRCB International chief executive Ravi Krishnan said the tower was the developer’s first on the Gold Coast.
“We are determined to succeed and follow through with our plans to introduce one of the most sophisticated projects ever seen in Surfers Paradise,” he said.
“It is a precarious time for the construction industry and builders are needing to be savvy and highly selective when it comes to tendering for new projects.
“The financing from MBSB Bank has bolstered our ability to secure a builder with the knowledge that our financial status is secure and we will be able to deliver this project.”
Vista 26 is scheduled for completion in 2026.