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Maple Development Group, an arm of Chinese developer Peng Bo, has lodged plans for its largest residential project yet, a $200 million apartment tower in central Brisbane.A development application has been submitted for a large site at 57 Coronation Drive, in the Quay Street precinct overlooking Brisbane River.
The Rothelowman design for the mixed-use project includes 255 residential apartments, along with a serviced apartment building, office and retail space as well as entertainment area.
“We’ve gone to great lengths to ensure that the project will make a significant contribution to the city of Brisbane,” said Maple’s development manager Gilbert Zhu.
“Residents will be able to enjoy riverside living while at the ground floor the open space would provide a 24-hour accessible ground plane that would connect residents, visitors and locals to future shopping and dining options, as well as Roma Street station and the Bicentennial Bikeway.”
The proposal includes a restoration of the historic Davidson’s Residence, built in 1868. After its revamp, the heritage-listed home will serve as a reception area for the serviced apartments.
Rothelowman principal Jeff Brown said the design would allow the heritage building to take a prominent position between the buildings.
“This ensures it is the focal point for the whole site and allows it to reclaim its original connection to the river.”
Maple, a subsidiary of Hebei Province-based developer Peng Bo, has been pursuing a series of residential and commercial projects in south-east Queensland over the past four years. Last year it launched Arcadia Apartments, a boutique 29-unit project in Indooroopilly.
Maple’s Coronation Drive project, if approved, will be one of the first projects to hit the market as Brisbane emerges from a supply downturn.
Figures released earlier this month which tally the amount of new apartments in marketing around the country show the Queensland capital is likely to be the first east-coast city to experience an undersupply of apartments, having turned down earlier than other markets.
The city’s contraction in apartments in marketing is also the most advanced, having dropped 87 per cent from its September-quarter 2017 peak.
The supply of new apartments in Brisbane peaked in 2016, with the market there further advanced in its absorption of residual stock. Construction is forecast to be particularly low in 2020 and 2021.
A count of cranes on the Brisbane skyline conducted by quantity surveyors RLB reveals a similar story. The apartment boom took the overall count to a peak of 104 cranes in the fourth quarter of 2015 and again in the second quarter of 2016.
In the most recent tally the city lost a further two cranes – and a net 15 in the residential sector – to slip to 57, according to the RLB Crane Index report last month.