A $1.5 billion housing development by the Brisbane River has found a builder to begin construction this month, with new units to be delivered from 2028.
Kokoda Property Group, developers of the upcoming Teneriffe Banks precinct, have announced Versatile Group as the builders on the 17,612 sqm site.
The Sydney-based company has previously worked on projects in the Gold Coast, and will bring about 2,000 jobs for Queenslanders in the subcontractor and supply sector.
Teneriffe Banks, a $1.5 billion precinct from Kokoda Property Group, will be partnering with Sydney-based company Versatile Group to construct its four apartment buildings.
Construction is planned to begin in December of 2025, with the first delivered units coming in 2028.
Versatile will build 212 luxury units, working with architects from Cottee Parker and interior designers from Carr and Studio McCue.
The apartments will be spread across four unique buildings, ranging from two to four bedrooms each.
Kokoda Property Group founder and managing director Mark Stevens said this aimed to help meet demand for the growth rates in the Teneriffe-Newstead corridor, which sat at double the Brisbane LGA average.
“The challenge in the QLD marketplace is there’s a lot of infrastructure being built,” he told the Courier Mail. “To get access to the appropriate subcontractors when they’re working on both public and private contracts has taken work.”
The precinct is selling 212 luxury units across four buildings, with a collaboration between three architecture and interior design teams.
The units will offer luxury homes for the increasingly popular Teneriffe-Newstead area.
Mr Stevens confirmed Kokoda had been in discussion with Versatile since the commencement of sales, working with each team to finalise their designs over the past year.
“It wasn’t difficult, it was just a time-consuming process,” he said. “We went from early drawings for apartment concepts to really detailed layouts … we needed to co-ordinate all the consultants [at the same time].”
Homes will be delivered in stages beginning in 2028. Prices begin at $1.99 million, going up to $28m for the project’s biggest penthouses.
Home prices begin at $1.99 million, but penthouses at the precinct can get as pricey as $28m.
The four buildings will feature a range of shared features, including access to a boutique club and several private pools.
Shared amenities across the precinct include several pools and open-air decks with city and river views, along with access to a members’ venue called The Canopy Club.
The project will also include 10,000 sqm of gardens, parkland, and public art and commercial spaces.
“The overwhelming concept of the project was to have a precinct,” Mr Stevens said, “defined by a variety of cultures, people and places.”
Mr Stevens confirmed the team was working with several US-based operators to bring international restaurants to the area.
Kokoda began talks with Versatile shortly after their first day of sales, which made around $285m.
The precinct will feature several public spaces, including restaurants from local and international vendors.
Versatile Group chairman and CEO Marco Fahd said the company was excited to work on their first Brisbane-based project in the company’s fifty-year history.
“We are looking forward to expanding our footprint in the state,” he said. “We are proud of the unwavering commitment our team of experts have to quality and certainty in delivery, and are excited to work with Kokoda to bring their vision for this unique project to life.”
Teneriffe Banks saw a staggering $285m in first-day sales, with units still available for purchase today.
