The Queensland State Gov't Budget for 2007 reinforces the City Pacific Growth Strategy
6th June, 2007
City Pacific's well planned strategy of targeting the major property growth segments in Australia has received another boost, with the release of the latest Queensland State Gov't Budget. Queensland is one of City Pacific's key target markets and the State is undergoing strong sustainable economic prosperity due to its double exposure to the resource and tourism sectors.
The Government's $14 billion capital works program is the biggest infrastructure plan by any state government in the history of Australia and has been implemented to help cope with the flood of new residents pouring over the border chasing jobs and lifestyle.
Queensland is attracting about 1500 new residents a week, and the government expects growth will be 5 per cent next year, almost matching the 5.5 per cent for 2006-07.
As a result of this, an ever increasing demand for more real estate investment is expected in Queensland after the government capped annual land tax valuation increases at 50% for three years.
The government has also promised to cut mortgage duty in half by 2008 at a cost of $435 million. The tax will be abolished by 2009.
CEO Phil Sullivan reinforced that the well researched and planned targeted growth strategy for the group continues to position City Pacific as a leader in funding and investing in prime developments in sought after locations in Queensland.
" We are working closely in a range of joint ventures with some of Australia's most respected property investment groups to help meet the demands of a fast-growing population, particularly the high end lifestyle sector of the property market," Mr Sullivan said.
City Pacific's numerous investments in Queensland include significant joint ventures with the likes of the Mirvac Group and Raptis Group. Mirvac and City Pacific are jointly undertaking the significant residential lifestyle development at Gainsborough Greens centrally located in the key growth corridor between Brisbane and the Gold Coast.
Other City Pacific Group Queensland based property developments include:
Grande Pacific: a joint venture with Hallmount developing lifestyle retirement resorts. Three properties have been acquired in Queensland including Greenmount Beach Resort at Coolangatta, Grande Pacific Imperial at Labrador and Grande Pacific Broadwater, now under construction at Southport.
Townsville: City Pacific has received a mandate from the state government to manage the design and construction of the $1 billion cruise ship terminal and canal estate on the Townsville waterfront. The development will create employment opportunities and provide hundreds of units.
Townsville is the largest tropical city in Australia, with a population now exceeding 165,000 and forecast to grow to over 193,000 by 2020.
