Wedoany.com Report on Mar 3rd, A $1.5 billion mixed-use development, Paradiso Place, has officially commenced construction in Surfers Paradise on Australia's Gold Coast, marking one of the largest projects launched in the area in over a decade.

The project spans 1.15 hectares between Surfers Paradise Boulevard and Ferny Avenue. It will feature three residential towers of 41, 40, and 44 stories, offering a total of 845 apartments. The Paradiso Place project is being delivered by SPG Land, which has established an in-house construction division, SPG Built, and is collaborating with Eastview Australia to advance the build.

The tower designs, by Rothelowman, are connected via elevated skybridges, forming an integrated podium level with a "beachfront village" concept. The ground level is planned for low-rise retail, providing dining and lifestyle services. The residential component includes a mix of two, three, and four-bedroom layouts, along with sub-penthouses and penthouses, featuring high-end amenities such as private dining rooms, lounges, and event spaces.

Developer SPG Land plans to retain control over the retail precinct and short-stay rental operations to ensure service quality. The first stage of the project is expected to be completed by the end of 2029. As one of the faster-selling projects on the Gold Coast, SPG Land made feasibility adjustments nearly four years after project approval, including increasing the number of tower floors to enhance economies of scale, raising the total apartment count from 799 to 845.

Led by David Wang, SPG Land purchased the site from Hyundai Group for $28 million in 2021 and invested $4 million in a sales center to launch the Paradiso Place project. After the sales center opened in late 2021, reports indicated that nearly 260 units across the first two stages sold out within 15 months.