Gold Coast development: Aquis billionaire Tony Fung plans giant two-tower luxury Surfers Paradise project

BILLIONAIRE Tony Fung is back in the Gold Coast property game, three years after trying to offload key real estate interests.

The Hong Kong business mogul is about to lodge plans to build two high-rises in beachfront Surfers Paradise.

Mr Fung’s Aquis company plans to turn the ageing Pacific Point mid-rise on Ferny Ave near Narrowneck into 31 and 26-storey residential towers to capitalise on the booming property market.

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In 2018, Mr Fung put up for sale Pacific Point, the “Vomitron” site and his Soul penthouse in Surfers Paradise when the real estate market softened.

He has been a key player in town in establishing his horse stud farm in the hinterland, and his company’s sponsorship of the Gold Coast Turf Club and Gold Coast Titans NRL club.

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The high-rises will have 83 units between them, with the larger tower having 31 single-floor units while the smaller will have two apartments per floor.

It has been designed by international architecture firm Woods Bagot through its Brisbane office.

The design is inspired by the “modernist movement” of the 1950-70s era.

“The exterior takes its cues from the controlled and rational approach to the spatial planning and site-responsiveness of each apartment,” Woods Bagot associate principal David Lee said.

“Stirred by the beach house architecture of the Gold Coast, a suite of timber lined spaces will define the experience of each apartment, each of which will explore and echo the tenets of the traditional Queenslander and modernism in the subtropics.”

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