Details are far from concrete, but in addition to upgrading the existing retail and restaurant space, there are also reportedly plans for a high rise at the Queensland Avenue end of the site.

The four parcels of land, scattered throughout the estate are slated for future townhouse and apartment blocks – with some plans already in place for the future developments.

Sunland (among others) are also believed to be in negotiation with Thakral over the purchase of a number of their other sites, including Alchemy in Broadbeach and their large Budds Beach development parcel.

It seems that rumours of the Group’s death have been greatly exaggerated.

Following a unanimous vote at a creditor’s meeting last week, all of the Group’s debt has been placed in a creditor’s trust (along with 35 million preference shares – valued at 1 cent each).  This leaves the way clear for Raptis to recommence capital raising and resume business.  Should all go well, the preference shares can be cashed in or redeemed for ordinary shares in two years time – which, for the creditors was presumably a more attractive prospect than liquidation and no return at all.

A Chinese consortium beat local developer Sunland to the property – but at this stage a price has not been disclosed.

The 11,000sqm site on the corner of Wharf and Old Burleigh Roads is the largest beachfront site amalgamated in recent years and the sale represents a significant expression of confidence in the local market.

Whether the Chinese group will continue with the existing approved development plans or apply for changes is not yet known.  One interesting fact is though: The group has obtained approval from the Foreign Investment Review Board to sell 100% of the project to overseas buyers (as opposed to the usual 50%) – suggesting that they plan to make a considerable number of sales in their home market.

The $500m golf course development has four remaning undeveloped parcels, which have been offered in an off-market expression of interest campaign to a number of developers.

The final result of the campaign is as yet unknown, however it is rumoured that local developers Sunland are among the group who have made offers on some of the remaining land.

While the move will directly affect the unit-holders in the $630m Fund, it also raises questions about the future of City Pacific’s real estate holdings: most notably King Tide on Broadbeach Boulevard and the Pacific Beach beachfront site on Old Burleigh Road.

With the significant interest bill taken into account the two sites are estimated to owe the company in the vicinity of $220 million.  The Pacific Beach site has been on the market for several months and it has been widely speculated that King Tide will follow.  However, given the current state of the Gold Coast property market and the relatively small buyer pool for large development sites, any sale of either of these sites is likely to represent a significant loss.

Believed to have been bought by Melbourne businessman George Raptis (unrelated to the Gold Coast-based Raptis Group), the price of $7.7m is well short of the $12m+ price offered by Matthews Property Group back in July 2006.

It is also believed that Mr. Raptis has an option to buy the Commmonwealth Bank building at 16-18 Albert Avenue, (currently owned by a company related to Matthews Property Group) and air rights over the Niecon Plaza building.

The resultant site, at over 2,400sqm in size and with a 35 storey height restriction would represent one of central Broadbeach’s last significant development sites.

The proposed building, featuring 91 luxury apartments over 25 levels – including a tri-level penthouse, now faces its next challenge: Getting built.

Bullish Bear, the local consortium that owns the site is realted to Foresight Acquisitions, a joint venture between local businessman Craig Perry and embattled financier City Pacific.  Foresight own (and are currently in the process of trying to sell) an 11,000sqm beachfront site at the south end of Surfers Paradise.

It is rumoured that the King Tide site is also likely to be taken back to the market to aid City Pacific in its attempt to repay its debt to the Commonwealth Bank.

The alleged bribe concerns millions of dollars of consultancy fees that Sunland paid to Dubai’s state-owned developer Nakheel and a third party regarding the purchase of a waterfront property in the Emirate.  Two other men, a current and a former executive at Nakheel have been arrested for their involvement in the alleged crime.

In a media release to the ASX today, Sunland have stated that Mr. Brown is merely a witness to the investigation and has not been interrogated or held as some reports have claimed.  The statement went on to say that:

“Sunland fully supports the Dubai government’s commitment to ensure the region’s property market is transparent. We will continue to provide assistance where required.”

“Maintaining the highest ethical standards in all our dealings has long been a core value of Sunland.”

While it’s not yet clear what impact proceedings will have on Sunland’s Gold Coast business, the news is a blow for the company which had been weathering the current economic difficulties more comfortably than a number of it’s competitors.

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.