$650 million project to float at Hope Island

Hope Island’s final master planned residential community is poised to be unveiled with the impending launch of the $650 million Serenity Cove waterfront development.A joint-venture partnership between Malaysia-based multinationals Sime Darby and Brunsfield International Group will deliver a 465-dwelling community set around an 18ha lake with access to the Broadwater.The partnership acquired the 75ha parcel, which represents the balance of the Oyster Cove community, in 2007 and have since spent in excess of $25 million on civil works preparing the site for development.Serenity Cove will comprise a mix of apartments, townhomes and freestanding homes, a mini-marina as well as a stunning 3800sqm retail and dining precinct fronting the centrepiece lake, known as Lake Serenity.The community’s waterfront homes will have individual mooring facilities, and Serenity Cove boaties will have access to the Broadwater via Coombabah Creek.Project manager Mark Mehr said Serenity Cove was being launched to a residential market hungry for quality new product.“This is the last development of its kind at Hope Island, where we are already seeing diminishing supply of new residential stock, especially waterfront land, while demand continues to grow,” Mr Mehr said.“It’s the ideal time to introduce this project to the market given that pent-up demand but also because it will deliver a mix of dwelling types to suit a wide range of lifestyles in an exceptionally beautiful setting.”More than a third of the site (27ha) has been preserved as nature reserve while a further 10ha will become parkland, and just 19ha will be developed.The developers have engaged Colliers International to market Serenity Cove, which will launch its first land release in coming months.Colliers International national director projects Tony Hymus said the development presented an opportunity at Hope Island that could not be replicated.“This is the last piece of land at Hope Island that can accommodate a master planned community,” Mr Hymus said.“Residential land opportunities at Hope Island are starting to dry up given that many of the long-term projects in the area are coming to their conclusion.“Serenity Cove will offer buyers the chance to secure a waterfront residence within a spectacular community in one of the most prestigious residential areas of the Gold Coast.”The project’s extensive civil works program has seen the extension of Lake Serenity, dredging, pre-loading works and the creation of a navigational lock where the lake meets Coombabah Creek.Serenity Cove will come to the market as plans for the Hope Island Town Centre progress, providing the area with its long-awaited retail and business heart.