Macau casino king buys Surfers Paradise retail centre
Tuesday 17th December 2019
Macau casino boss Loi Keong Kuong has exchanged contracts to buy Surfers Paradise retail centre Circle on Cavill from EG Funds Management for about $65 million.
The deal, foreshadowed by The Australian Financial Review, was his second high-profile commercial property acquisition on the Gold Coast in the past 18 months.
Mr Loi had earlier purchased Gold Coast shopping centre Soul Boardwalk, at the base of the $850 million Soul tower at Surfers Paradise, for $90 million in June 2018.
EG previously bought the Circle on Cavill centre, in the heart of the Gold Coast retail thoroughfare, from the receivers of failed property developer Octaviar, formerly MFS, for about $40 million in 2011.
Since buying the centre, EG has spent more than $13 million on upgrades.