Cameron, F. Koreans in $220m Southport Tower, The Australian, August 14, 2008, p. 35.
One of Korea’s largest construction and infrastructure companies is making a foray into Australia with a $220 million retirement living tower on the Gold Coast. Lotte Constructions, in a joint venture with City Plan Partners another Korea-based company, will build the 36-level tower on a 2757sqm site next to the Southport RSL Club.
Director of Colliers Internationals Gold Coast office Tim Holmes said the Koreans were planning an innovative independent living model never before seen in Australia. It will eliminate unappealing and antiquated aspects of independent living such as deferred management fees, he explained. The tower will have 220 strata-titled apartments and three floors of aged care assisted-living facilities, with prices ranging between $400,000 and $1 million.