House stakes raised

Chi­nese busi­ness­man Wei Cai splashes out with $7m for lux­ury Par­adise Wa­ters river­front lots

The Gold Coast Bulletin - - BUSINESS -

BIL­LION­AIRE Wen Bin­grong isn’t the only Chi­nese busi­ness­man as­pir­ing to build a su­per-home in elite Par­adise Wa­ters river­front street Com­modore Dve.

A coun­try­man with man­sion am­bi­tions has paid far more a square me­tre than Wen for a spot by the river in what is a ma­jor leap for­ward for land val­ues in the street.

Wei Cai has spent $7 mil­lion, or $3.5 mil­lion a lot, to se­cure a 1723sq m hold­ing that at one time was home to a man­sion built by devel­oper Pat Zarro.

That equates to $4062sq m.

Bil­lion­aire Wen, who wants to build a giant chateau-like house and guest home at the end of the street, paid $2730sq m for a triple-lot last year.

New ar­rival Wei, de­scribed as hav­ing in­ter­ests in mul­ti­ple busi­nesses, ap­par­ently first can­vassed Par­adise Wa­ters a few months back.

The Com­modore Dve lots caught his eye and he sub­se­quently made of­fers of less than $3 mil­lion for each of them.

When the of­fers were re­buffed he looked at homes at The Sov­er­eign Is­lands, Hope Is­land and Sanc­tu­ary Cove but couldn’t find what he wanted.

His an­swer was to sub­stan­tially raise his Com­modore Dve land of­fers so he could have a home built that was tai­lor-made to his re­quire­ments.

Wei has deep pock­ets – at the same time he was in Aus­tralia buy­ing at Par­adise Wa­ters he ap­par­ently was spend­ing some loose change by buy­ing a $6 mil­lion Mel­bourne home.

His Com­modore foray caps a ma­jor turn­around in the street’s river­front land val­ues.

Back in 2013 devel­oper Gary McPher­son paid $1 mil­lion, or $1666sq m, for a 600sq m lot that formerly was part of the prop­erty on which tourism en­tre­pre­neur the late Keith Wil­liams built a home.

Three years ago a mem­ber of the fam­ily of home-park devel­oper Peter Puljich bought a site for $2744sq m (it’s been back on the mar­ket at $3900sq m).

The up­ward trend con­tin­ued in Jan­uary this year when Leanne Cow­ley bought a block at $3413sq m.

Wei has “beaten” them all with his $4062sq m.

Among those prob­a­bly ru­ing that they had not held on to Com­modore Dve land is re­vi­talised devel­oper Jim Rap­tis.

He owned a triple-block on the street un­til a mort­gagee sold it for $6.2 mil­lion in 2011.

Wen Bin­grong bought the land for $9.2 mil­lion last year and to­day, based on Wei’s $4062sq m, it could be worth more than $13.5 mil­lion.

WEI CAI’S COM­MODORE FORAY CAPS A MA­JOR TURN­AROUND IN THE STREET’S RIVER­FRONT LAND VAL­UES.

This chateau-like man­sion planned by a Chi­nese bil­lion­aire looks set to have a “ri­val” on an­other ex­pen­sive Com­modore Dve site.

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