Lotte’s exit arranged from stalled venture
THE stage is set for a modest Brisbane property group to facilitate giant South Korea group Lotte’s humble retreat from a Paradise Point dream project initially called Little Beach, which became more than a little beached.
Salacia Waters, flagged as a 470-title $650 million venture when it was launched more than a decade ago, has been stalled less than onethird completed since the middle of the GFC.
Now idle land which was destined to sprout 320 apartments and villas is poised to become an upmarket Metacorp housing estate overlooking the Broadwater and the elite Sovereign Islands.
The first houses could start springing up well before Christmas.
The $90 million site, formerly home to a private airstrip and which had become a lead deadweight for Lotte, might well become a golden investment for Metacap and its backers.
It has spent millions of dollars preparing nearly 6ha for a $65 million venture called Sovereign Shores and which is approved for up to 100 titles but probably will have far fewer.
Syndicator Metacap, which has a handful of staff compared to Lotte’s 60,000, already has sold more than 20 lots out of the 58 in the initial two of Sovereign Shores’ three stages.
Civil works have included raising the site by up to two metres.
The previously barren land today is laced by wide roads, bike and walking paths, large Canary Is date palms and native plantings, and includes a 4000sq m park.
Metacorp, which describes itself as a syndicator, is headed by Alex Jimenez, a developer for 33 years, and son Nicholas.
It slipped in under the radar when Lotte quietly intimated some four years ago that it wanted to exit the folly that was Salacia Waters.
Metacorp, which has a $155 million development pipeline that includes a planned 44-lot estate at Coomera, headed off the likes of listed groups Sunland and Villa World.
It is apparently buying the land in three stages but won’t say what it’s paying.
Lotte, in a ‘lotta’ Salacia financial pain, already has sold off another ‘surplus’ parcel.
Ray White Runaway Bay principal Ali Mian bought 1669sq m fronting the Coomera River on the western side of Salacia Waters and he’s preparing to build 10 tri-level marina homes where prices will start at $2.25 million.
He’ll have the Salacia market for new property covered – his four-office group is also marketing Sovereign Shores, where prices go from $589,000 to $1.49 million and where some lots have streets at the front and the rear.
It seems a couple of residents from across the water at Sovereign Islands have bought lots at the ‘Shores’ and they might be able to look down, literally, on some of their former neighbours.
The Sovereign Shores approvals allow basements that can sit a metre above the ground and can be topped by homes of up to three levels with rooftop gardens or entertaining areas.
Such three-level buildings also could have three singlefloor apartments.
Meanwhile, Lotte’s leaving Sovereign Shores residents a bonus – they can use Salacia Waters facilities that include a gymnasium and pool.