Sultan of Brunei sells Surfers Paradise site for close to $70m
The L-shaped block was bought in 1997 for about $15m and sat undeveloped for close to 30 years. The buyer has not been named.
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The Sultan of Brunei has sold a long-vacant site in Surfers Paradise (Gold Coast) to a Dubai-based developer for close to $70 million, realcommercial.com.au reported on 12 November 2026. The article by Ben Wilmot calls it an under-the-radar deal; the buyer is not named.
Why it matters
For Gold Coast developers and agents, a large central site has changed hands after decades of inaction, and the outlet reads the buyer as a new Middle Eastern entrant in luxury apartments.
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The outlet describes the buyer as a new Middle Eastern entrant to Gold Coast luxury apartments. It does not report any development plans from the buyer, and says the new owner appears more likely to focus on the site’s Surfers Paradise position and its proximity to the beach.
The site covers 7,558 sqm, and realcommercial.com.au says the sale is one of the largest on the Gold Coast. It is an L-shaped block fronting Surfers Paradise Boulevard, View Avenue and The Esplanade. Colliers agents Steven King and Jackson Robinson handled the sale, according to the article.
The outlet reports the Sultan bought the site in 1997, through a government-controlled company, for about $15 million. He held it for close to 30 years without starting a project and listed it for sale last year.
The article says he rejected calls to develop it, including from Gold Coast mayor Tom Tate. The outlet says the Sultan never promoted plans for the block. In the 1980s it carried the Imperial Wing name, and Japanese and Australian owners of that era had hotels and apartments in mind. Part of it was at times used as a carpark, and a beachfront section housed the Imaginator attraction in 2024.
realcommercial.com.au says Gold Coast unit prices are under pressure and local developers have been held back by slow unit sales and pricing concerns. It says some developers are buying ahead of an expected recovery.
The outlet also notes Monaco Property Group bought 122-130 Marine Parade, Miami for $70 million in 2024. Monaco is now developing Nalu, a $500 million beachfront project the article says broke apartment records. It also notes that a planned $1.5 billion Trump Tower project at Trickett Street, Surfers Paradise, collapsed in May.
The numbers
All figures below are as reported by realcommercial.com.au.
- Price: close to $70 million.
- Site: 7,558 sqm, L-shaped, fronting Surfers Paradise Boulevard, View Avenue and The Esplanade.
- 1997 purchase: about $15 million.
- Holding period: close to 30 years without a project.
What’s next
The article does not report a development application, design, start date or completion timeline from the buyer, so we have not stated one. The buyer is not named.
We have not independently checked the sale price or title records. Related Surfers Paradise coverage includes Versatile appointed to 51-storey Vista tower. The Australian Developer will update this story if the buyer or its plans are confirmed.
Quick answers
Who bought the Surfers Paradise site for close in Queensland from Sultan of Brunei?
The Sultan of Brunei has sold his 7,558 sqm Surfers Paradise site to a Dubai-based developer for close to $70m, realcommercial.com.au reported on 12 November.
What are the key numbers in this story?
reported price: $70m; site area: 7,558 sqm; 1997 purchase: $15m.
Where does this information come from?
This story cites realcommercial.com.au. Every source is linked on the page.
Also reported by
- realcommercial.com.auSultan of Brunei sells out of undeveloped Surfers Paradise site for close to $70m
Filed by the AusDev Queensland Desk. How we report.