42-44 Clear Water Bay Avenue, Clear Island Waters
A waterfront mansion built for a prominent developer’s daughter has sold under the hammer for $5 million, setting a new benchmark in one of Queensland’s most expensive markets.
The six-bedroom, six-bathroom trophy home on 1,722 sqm at 42-44 Clear Water Bay Ave, Clear Island Waters smashed the record for the top residential sale in the bluechip Gold Coast suburb by $250,000.
The property was formerly owned by Louise Loh, daughter of the late Dr Robin Loh — a Singaporean industrialist and visionary behind the masterplanned community of Robina — and was built in 2000 under his company name.
The six-bedroom trophy home
It was marketed by Ben Ada and Cameron Edwards, of Amir Prestige.
Mr Edwards described the international buyer as “quite a big mogul from Singapore” with existing community ties through his ownership of a number of other local acquisitions.
“We had so much interest through the campaign and it was a cracker auction on the day,” Mr Edwards said.
Bidding opened at $4m, with a representative of the eventual buyer volleying with one particularly competitive underbidder, who was also present on the day, edging the price up another $1m before the hammer fell.
It occupies a double bock
“This sale shows that foreign money is still coming through the Gold Coast,” Mr Edwards said.
“The local underbidder was another property mogul who had his eye on this property for quite some time.
“The double block and its position with wide 40m waterfrontage was very attractive, and especially so when considering the costs in today’s market to build a solid concrete home like this,” he said.
Mr Edwards said the home’s rich lineage also appealed to the Singaporean buyer.
Robina Land Corporation founder Dr Robin Loh
Louise Loh and former husband Richard Wyatt in an undated photo
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Robina Land Corporation founder Dr Loh passed the company reigns to his richlister daughter and son-in-law Richard Wyatt in 1996, and the former couple sold the three-storey home to Gold Coast investor Surjit Singh for $2.1m in 2014.
Mr Singh had since undertook extensive upgrades, including remodelling some of the home’s quirkier features such as a hole in the middle of the living room floor, where a full-sized tree grew up towards an open skylight for favourable Feng Shui.
The two-storey home was built in 2000
The traditional Chinese philosophy of Feng Shui considers trees to enhance the balance and harmony of energy through a home, while its principles were thought to attract prosperity.
The house is located in a gated community, with features including 6m-high ceilings over a sprawling ground-floor living and dining area crowned by chandeliers, leading onto covered decking and a solar heated 25m pool enclosure with water slide and spa, plus a home theatre, library, gym, executive office, private pontoon, and a triple garage with drive-through access to a boat ramp.
The previous highest residential sale in Clear Island Waters was a contemporary luxury home on 1,005 sqm which sold for $4.75m in May 2022.
Clear Island Waters was one of Queensland’s top 10 most expensive residential suburbs, according to PropTrack’s Market Trends report August 2023.
The median house sale price in the canalfront suburbs was $2.015m, up 3.3 per cent over the last 12 months.
Wide waterfrontage provides an impressive vantage point
Clear Island Waters was one of five Gold Coast postcodes in the top 10 (Tallebudgera Valley and Broadbeach Waters tied in tenth place), and ranked locally behind Surfers Paradise (median $2.73m) and Mermaid Beach ($2.63m).
Dr Loh secured 20 sqkm of farmland in 1980 and developed the thriving hub of Robina, which by the time of his death 30 years later was home to 30,000 people and complete with a major shopping centre, hospital and commercial precinct.
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