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A CHINESE buyer has done the unthinkable in a stressed property market and paid a record price for an apartment in Surfers Paradise.
The undisclosed buyer from Shanghai is paying $4.7 million for a sub-penthouse in the Orchid tower of the Hilton Surfers Paradise.
The price equates to R19,915/sqm and beats the previous record of $17,408/sqm achieved by the $700 million Hilton project, a former Raptis Group development which is now being undertaken by Brookfield Multiplex.
The boom-time price compares with the benchmark of about $6000 to $8000 being achieved in the broader Gold Coast high-rise market.
It also compares with the $17,000/sqm paid in 2006 for the $16.85 million penthouse in the yet-to-be-completed Soul tower, an Australian record at the time.
Industry sources have confirmed the off-the-plan Hilton contract secured by Brookfield Multiplex was "genuine".
The Chinese buyer snared the apartment, on the 54th level of the 57-storey tower, during a holiday to the Coast.
Settlement is expected in the third quarter of this year.
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