Council have released their latest budget, continuing into the 2nd year of the Bold Future city plan.

Highlights include:

• Funding of $26.5 million to continue the delivery of Council’s 2009-11 $90 million economic stimulus package.
• $13.3 million to continue the four-year $111.6 million community infrastructure program.
• An allocation of $53.6 million as part of a total commitment of $120 million for the rapid transit system.
• A major program for road network improvements, including major roadworks of $35.3 million, road reseals of $17.5 million and bikeways of $4.3 million.
• A major program for parks and recreation including major open space development of $5.5 million, tree planting of $1.0 million, park asset renewal of $3.3 million and major sporting areas of $3.1 million.
• A major redevelopment of the Surfers Paradise foreshore, at a cost of $13.4 million, which will revitalise the heart of Surfers Paradise.
• $31.9 million capital investment into waste management services and facilities designed  to ensure long term sustainability. This includes: $8.6 million for remedial and closure works at Suntown Landfill, $2.5 million for recycling and drop-off centre at Molendinar, $2 million for new waste transfer station at Reedy Creek, and $1.5 million for upgrade of Helensvale WTS.
• $7.7 million in community support through grants, subsidies, donations, concessions and rebates.

For greater details, refer to the Gold Coast City Council website.

The Gold Coast City Council have received close to 4600 development applications over the past 12 months – including a 20% increase in the number of major Material Change of Use (MCU) code applications over the period.  Council claim that of these 95% were processed within legislative timeframes – as were 85% of MCU impact assessments.

Over past 12 months, 4450 applications were declined.

In another step forward for the Gold Coast Rapid Transit system and a boon for Southport Central’s commercial precinct, the expanding GCRT team has moved into new headquarters in the downtown Southport building.

The 1500sqm office space should accommodate the team of 80 as they prepare for the start of construction on the project, due in November this year.

After an extensive search, Japan-backed local developer Nifsan have chosen Adelaide development company Urban Construct as to assist with the next stage of the $1bn Emerald Lakes project.

The $250m mixed-use waterfront precinct will include around 300 apartments, as well as extensive commercial space.  The move also underlines Nifsan’s commitment to the completion of the project and represents Urban Construct’s first foray outside of their home state.

Following recent financial difficulties, developer Fish Group has decided to sell off Hope Island’s Marina Quays Town Centre site.

Paul Smerdon, the company’s development manager commented to the Gold Coast Bulletin on the sale, “It appears there is demand for that particular asset (and) it’s no secret we don’t have the financial ability to build the town centre at the moment.”

The 6.8 hectare parcel for sale consists of five smaller sites in one line, and was originally slated for a Woolworths supermarket, medical centre, private school and numerous retail outlets and commercial offices.  Fish Group are hopeful that  a larger, more experienced developer will take the site off their hands, and allow them to continue their restructuring.

The Gold Coast’s Rapid Transport System is another step closer, with Transport Minister Anthony Albanese reinforcing the Federal Government’s commitment to the project.

This move has seen over $110m worth of roadworks contract go out to tender, and added further credibility to the project’s 2014 completion date.  Within it’s first decade of operation, the new light rail system is planned to generate around 6300 jobs (directly and indirectly) as well as cutting the Gold Coast’s greenhouse gas emissions by over 110,000 tonnes.

CVC has sold 24.7 million shares back to Sunland – approximately 10% of their issued capital.  CVC chairman and long-time board member, John Leaver simultaneously has resigned as a Sunland director after 16 years on the board.

CVC are believed to have sought to sell their entire holding (of which 3.9 million shares remain) but Sunland have reached their buy-back capacity.  The move won’t affect Sunland’s day-to-day operations.

Since being frozen – along with the other assets in City Pacific’s First Mortgage Fund over two years ago, new fund manager, Balmain Trilogy have sold the 11,000sqm beachfront Pacific Beach site to a Chinese-back developer for $81.8m.

The developer, Ridong (Gold Coast) Development, has now settled on the purchase and are reported to already be working on plans for a twin tower development for the Surfers Paradise allotment.

The latest report from Australian Property Monitors has revealed a 0.8% fall in Gold Coast House Prices and 3.2% fall in unit prices across the city.  This is in stark contrast to strong gains in the capital cities – particularly Melbourne, which has seen 27% and 13.7% increases over the last 12 months for house and unit prices respectively.

Despite the falls, APM have indicated that they expect to see price growth later in 2010.

As part of its $90m, decade-long program, Council have purchased three new properties to set aside for parkland. The sites include a 1.1ha site in Robina, 12.6ha site in Ormeau and 21ha site in Upper Coomera.  The latter sites are slated for sporting fields and non-motorised watersports.

4 years into the program, nearly 45ha of parkland have already been purchased.