After months of negotiation and speculation, Brookfield Multiplex have taken over the Surfers Paradise Hilton Hotel & Residences development from Raptis Group.

Construction is expected to recommence shortly, however it is unknown if the project will continue in the exact form that Raptis designed it.  The door has been left open for plan and layout changes to the development, not to mention adjustments in price.

With some apartments priced as high as $14,000/sqm – a figure rarely seen on the beachfront, let alone on a non-beachfront site – there is speculation that a significantly softer property market will not readily accept the project without an adjustment in pricing expectations from the developer.

After several months in limbo, following the financial collapse of Raptis Group, it appears that a deal has been struck with Candian construction company Brookfield Multiplex to complete the Hilton Hotel and Residences Project in central Surfers Paradise.

According to Gold Coast Mayor Ron Clarke, Multiplex are “Set to move straight away”, and contruction is anticipated  restart in the next week or two.

The ANZ Bank, which took control of the project in late 2008 has yet to make an official statement on the status of the project.