With around $700m in debt to repay over the next year, $300m of which needs to be repaid in the near future, trading in Raptis Group shares will remain suspended for a further 2-4 weeks, as the Group tries to sell off assets and find joint venture partners.

Officially for sale are the Sheraton Mirage and Midwaters, a small unit block – both in Main Beach.  However it is understood that the Group would also consider offers on the Holiday Inn and a vacant block of land next to the Gold Coast International Hotel in Surfers Paradise.

Additionally, Raptis are seeking a joint venture partner for the Surfers Paradise Hilton project, as well as the redevelopment of the recently-acquired Iluka building on the esplanade in Surfers Paradise.  Whilst a JV is believed to be the company’s preference, an outright sale of Iluka would likely be on the cards as well.

Work is likely to remain halted on the Southport Central Development – which went into receivership last week at the behest of the project funder, Capital Finance Australia – until at least Tuesday, as workers and suppliers seek assurances that they will be paid in full.

Following a contractor walk-off earlier this week, and the appointment of receivers to their Southport Central development, it is rumoured that Raptis Group are on the search for a partner to assist with the completion of the Surfers Paradise Hilton Hotel and Residences.

The two-tower project, which comprises a 5-star Hilton Hotel, residential apartments and commercial and retail space is under construction, with completion initially slated for late 2009.  With doubts as to the embattled company’s ability to service over $700m worth of debt, serious reservations are being raised as to the future of this project without assistance from a new partner.

Despite making top of the Gold Coast’s Most Powerful 100 People (as judged by the Gold Coast Bulletin) Jim Raptis’ blessings have been mixed this week, with the release of Raptis Group’s financial accounts earlier this week showing a drop in operating profit of nearly $14m.

A slower property market has a strong impact on the company, which is also reportedly in negotiation with its lenders, who are owed in excess of $700m – approximately $600m of which will need to be repaid or refinanced before the close of the current financial year.

However, with sales still continuing on the Group’s Southport Central and Hilton Surfers Paradise developments and with numerous assets, including the recently-acquired Iluka building in Surfers Paradise, and Sheraton Hotel in Main Beach, it has been suggested that it may be possible for the Group to clear as much as $300m-$400m of that debt by the end of the financial year through the sale of some of these assets.

The Group is no doubt hopeful that yesterday’s drop in interest rates, and talk of a resurgence in the local property market will herald a better twelve months to come.

Following Council approval for their 20-storey, 31-apartment residential tower on Broadbeach Boulevard, Amalgamated Property Group are finalising details for the offical launch of ‘Eclipse’ in approximately four weeks’ time.

The $120 million tower will be made up of 25 large apartments over the first 13 levels ranging from around 240sqm to 280 sqm in size, 5 full-floor subpenthouses and a tri-level penthouse coming in at close to 1000sqm in size.  Pricing has not yet been released, but is expected to range between $10,000 and $13,500 per square metre.

A construction timetable has not yet been released, however the site has been cleared and it is expected that the building will take approximately 18-20 months.

Boutique residential buildings are becoming a prominent feature in APG’s Gold Coast projects, following the success of similar developments, ‘Verve’ in Broadbeach, ‘Ivory’ and the recently-launched ‘Element’, both on the Esplanade by Burleigh Beach.

As always, if you are seeking further information on this, or any other news piece, feel free to contact us by registering and submitting a comment.

Promoted as “The first fully integrated themed entertainment resort destination of its kind in Australia” and consisting of three five-star and one six-star hotel, 1500 apartments, 10,000 sqm of water, restaurants, bars, retail, a slew of family-oriented features and architecture from all corners of the Mediterranean, Azzura Corporation’s ‘Pacific Resort’ is reportedly the largest development of its type ever undertaken in Australia. The development will be a joint venture between City Pacific’s CP1 and family company Azzura, who will be responsible for the design and construction.

The development will comprise of four residential towers, ranging from 29 to 60 storeys, but it is the centrepiece that Azzura believe will make Pacific Resort truly unique. To emphasise the family-oriented nature of the development, the heart of the resort will be a huge water park, consisting of 10,000 square metres of water and, among other things, a pirate ship, play castle, water slides and massive movie screen. Surrounding this central area will be four differently themed areas, each taking architectural cues from the Mediterranean coast.

Throughout the Greek, Turkish, Spanish and Italian precincts, Azzura plan to incorporate restaurants, bars, shopping boutiques, health spas and a kids club. Situated in the Budd’s Beach area of Surfers Paradise and bordered by Ferny, Norfolk, Oak and Birt Avenues, the apartments will offer ocean, river and city views and still be within walking distance of downtown Surfers Paradise and the beach.

The first tower has just been launched, and is expected to be completed in around 2.5 years, with the subsequent three towers to follow in six-month intervals. Initial pricing for the first tower ranges from around $7,500 to $9,500 per square metre and sales thus far have been quite strong.

If you would like further information on the project, please post a comment/question or email gcreradmin@gmail.com.

After months of going back and forth with the Gold Coast City Council, City Pacific Ltd have received development approval for their mammoth 9500 square metre beachfront development site.

The site, which extends north from Wharf Road and encompasses around 115m of absolute beach frontage has been given approval for two residential towers, 41 and 36 stories in height.

To coincide with the announcement, the entire site has been fenced off and demolition work is expected to commence shortly on (what will soon become the former) Paradise Sands Resort and Oriana.

More information will be posted as it becomes available.

Nearly two years since its initial launch, earthworks are underway for Oracle – which will be (upon the slated 2010 completion date) Broadbeach’s largest development thus far. Melbourne-based Grocon, who built the world’s tallest residential building (the 300m tall Eureka Tower Melbourne’s Southbank) are responsible for the construction of the development, which will comprise of a 50 and 40 storey apartment building (505 units in total) atop three levels of commercial and retail space.

Sales have been strong, with only 7 of the 264 apartments in Tower One still available, and nearly 80% of Tower Two under contract. Already some resales are starting to trickle into the marketplace, largely in Tower One. Should some of these vendors achieve their asking prices, it will be a testament to the continuing growth of Broadbeach’s beachside property market.

A more detailed breakdown of the Oracle Development will be coming soon. In the meantime, for further information please send us an email or post a comment with your questions.