The approved plans, designed by international architecture firm KPF, comprise of a 30 & 53 storey tower, incorporating 238 hotel suites and 327 apartments, as well as an open piazza with commercial, dining and retail space.

At this stage, no time-frame has been put forward for the development – nor have Thakral announced which hotel operators it is considering to manage the property.

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.

The 1323sqm site, which is still home to the Antigua resort is approved for a 22 storey building with 32 luxury residential apartments, but given the recent downturn in the upper end of the market was never officially launched.

No price has been placed on the site, it is instead being sold by an expression of interest campaign.

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.

The move is in line with a shift in direction from Thakral, to refocus upon their core hotel and shopping centre management business.  Following the clearance at The Glades, there is also speculation that the company may consider reselling their ‘Alchemy Broadbeach’ development site on Queensland Avenue.

This will be an interesting test of the market, following a price of only $7.7m for the former National Australia Bank building just one street away.

Whilst no official sales launch date or pricing has been released, should construction commence in February, it will likely be late 2010 before the building is completed.

The 31 apartment boutique building will be the latest addition to the fast-growing and highly sought after residential-only segment of the market. Site works, beginning with the demolition of the ‘Antigua’ building which currently occupies the Queensland Avenue site are expected to commence in early February. Alchemy is expected to be launched late this year, following the construction of display apartments on the site. Completion is planned for mid-late 2009.

Given the strong performance of existing residential, beachside boutique buildings like Beaches, Platinum, Waterline and Verve, there certainly appears to be a shortage of supply in this market niche. Thakral, which is positioning Alchemy as its flagship ‘brand’ of apartment developments, has already experienced success with Alchemy on Sydney’s Lavender Bay.

Pricing has not been finalised, and with both the redevelopment of Broadbeach’s King Tide site and Paradise Sands in Surfers Paradise to hit the market in the next six months, it is likely that Thakral will take pricing cues from the market response to these two building launches.