Feb
03

Developer Stanley Ho files $120 million Palm Meadows development as first City Plan project

Gold Coast Bulletin

A $120 million residential project for Palm Meadows will be the first cab off the rank as the long-awaited city plan comes into effect.

Eleve 1

A development application will be submitted to the Gold Coast City Council this morning for the 325-unit Eleve residential project at the Palm Meadows golf course precinct in Carrara.

It has been put forward by developer Hungtat Worldwide, a company associated with Macau gaming tycoon Stanley Ho.

Earmarked for land Dr Ho has held for 20 years, the project will be rolled out over five stages and feature about 700 bedrooms.

Dr Ho was the developer behind Broadbeach’s Wave high-rise and decided to fast-track Eleve to coincide with the new city plan.

Lawyer and spokesman for Dr Ho, Tony Hickey said construction could begin within three months if approved by the council.

“The city plan recognises a need for more residential accommodation and this has created the confidence for this investment,” Mr Hickey said.

“We have worked hard with the council’s planning directorate and collaborated constructively over the past nine months.

“It follows all the rules prescribed by the city plan and delivers not just a great residential product but a great economic outcomes.”
Mr Hickey said he expected the project to be assessed and ready for a decision within weeks of being submitted.

Eleve will feature a mixture of one, two and three-bedroom units, which are expected to be priced from $279,900.

Mayor Tom Tate said the project would be assessed carefully by council officers.

“This development is what the Plan is all about — protecting our community’s green and open space while providing world-class residential accommodation,’’ he said.

“Its height is code-assessable so it fits within the plan’s conditions and it meets the intent, which is to protect our green space by concentrating development in key infill areas.’’

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