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 their recent purchase of the Iluka building on the corner of Trickett Street and Northcliffe Terrace, Raptis Group have been given approval to construct a 57 storey, 351 unit apartment building on the 3498 square metre site.

The new building will contain a few unique features, including a large underground water tank to irrigate the gardens and foreshore opposite. In addition, Council is currently discussing the possiblity of a roof-mounted artistic lightshow – similar to those on some Hong Kong buildings.

The 3/4 of a billion dollar development will include two commercial levels at the base and represents a continuation of the rejuvenation of central Surfers Paradise – which began several years ago with Raptis Group’s three tower Chevron Renaissance development and has included Sunland’s Circle on Cavill, Juniper’s 77-storey Soul development as well as Raptis’ two tower Hilton Hotel and Residences.