Malaysian Interests sell out of Serenity Cove18 October 2019
Malaysian developer giants Sime Darby and Brunsfield have sold their masterplanned community site Serenity Cove on the Gold Coast to Chinese-backed Brisbane developer Keylin Group for $50 million.
The 65 hectare undeveloped portion of the lakefront estate was listed in June by the joint venture parties, which had held it for the past 13 years. Most of the 65ha of land is dedicated to Lake Serenity leaving about 16ha of the estate into 100 freehold housing lots, as well as about 300 residential dwellings, mainly townhouses.
Sime Darby and Brunsfield bought into Hope Island in 2006 and spent more than $25m on infrastructure works, including increasing Lake Serenity’s size. Included in that infrastructure development was a $5m marine lock connecting the 18ha Lake Serenity with direct ocean access via Saltwater Creek.
Sime Darby is a global trading and logistics player and the investment into Australian property was certainly off strategy and symptomatic of many Asian based groups deploying capital into other jurisdictions over recent years.
Sime Darby is now undertaking a global strategy to sell non-core assets including from places such as Singapore, Vietnam and Australia.
The deal was brokered by through Knight Frank and Colliers International Location Plan: #Development