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