Showing posts with label el dorado. Show all posts
Showing posts with label el dorado. Show all posts

Friday, December 27, 2013

El Dorado Redone

A few years ago, a South African developer tried to redevelop the El Dorado cinema site in Indooroopilly.  The developer, PCN, went bust.  Now, a new development is planned, not just for the El Dorado site, but for neighbouring sites as well.

The development that has been proposed consists of two towers, as well as a podium containing cinemas, a bowling alley and possibly an open air cinema.

The first tower is 16 storeys, with 78 residential apartments.  (These will be mostly two bedroom apartments.)

The second tower is 21 storeys, with 255 residential apartments and 70 short stay suites.  There will be 135 two bedroom apartments, with the remainder being 1 bedroom or studios.  The second tower also has a round Skybar on level 21!

There will be no three bedroom apartments.

See www.eldoradovillage.com.au


Sunday, December 2, 2012

El Dorado Indooroopilly

With PCM, the South African property developers, going bust, the El Dorado Cinema complex at Indooroopilly has been sold.  It is not entirely clear if the new owners will develop the same type of complex - apartments, shops, offices and cinema -- on this site.  See Courier Mail

Wednesday, August 8, 2012

El Dorado Bust

Although there is still website advertising for PCN's El Dorado Village apartment development at Indooroopilly, it seems like the developer is in receivership, and the undeveloped property is for sale.  This is not a surprise.  See past posts on this issue.  Supposedly over 70 of the 100 apartments had been sold of the plan.  Either this was a lie, or the developer just could not make the project work even at PCN's crazy high off-the-plan prices.  I hope you are not waiting to move in to your new apartment at El Dorado Village!

I guess it is good-bye, not good buy, El Dorado Village.


Thursday, February 2, 2012

Alderley Square on hold

PCN's Alderley Square project is on-hold.  See Quest story.  PCN's El Dorado Indooroopilly project seems to have stalled.

There are a number of other projects where the developer is trying to off-load the whole project to another developer.  Buyers beware!

Tuesday, June 7, 2011

El Dorado Indooroopilly Tries to Grow

El Dorado Village at Indooroopilly is a development that has been in off-the-plan sales for some time by PCN developers from South Africa. Construction was supposed to start two years ago. No construction has started. Recently, PCN filed a new development application. The building will now have an extra floor, so it will be 14 levels, with 11 levels of apartments. A summary of the proposed change:

"Introduction of development staging; additional of an extra storey and increase to 120 units; other amendments to floor plan configurations and consequential changes to car parking provision"


Friday, December 24, 2010

2010 Brisbane Apartment Awards

These are our awards for 2010:

1. Wildest Advertising Claim
FKP Properties wins this for their overpriced The Milton development. Their sales agents are giving out printed information to potential investors about future property values. They have a sheet of paper showing investment returns for a 2 bed, 1 bath apartment listed at $650,000. The prediction is that this apartment will be worth $807,500 on completion of the project in 2013, and will be worth over $1M by 2016. The predicted rent is over $720 a week in 2013.
2. Worst Investment
This is a hard one. Many investors who purchased off-the-plan in 2006 or 2007 had to settle this year. Some were unable to get bank valuations anywhere near settlement. The contenders for this category are:
  • Mirvac's Tennyson Reach
  • Niecon's The Oracle at Broadbeach
  • Raptis' The Hilton Surfers Paradise
  • Evolution.
I think they are all bad investments, so maybe a four way tie!
3. Biggest Delayed Development
Again, a number of contenders for this category. There are many big developments that have been delayed indefinitely -- Trilogy, Evolution, Empire Square, FKP's Albion Mill. South Point is another contender here -- although it looks about to finally begin.
But the winner is El Dorado at Indooroopilly. Construction has been about to start for years now. What is going on at this development?

Friday, October 8, 2010

El Dorado Indooroopilly Delayed?

It appears that PCN's project on the El Dorado at Indooroopilly has yet again been delayed. On the second or third attempt, it was due to start in November 2010, but has been pushed back until 2011, according to workers in the cinema complex. I wonder if it will ever get off the ground. PCN is also developing Alderley Square. PCN did not proceed with its apartment project at Graceville. As far as I can tell, PCN has never completed an apartment project that it has attempted.

Monday, July 12, 2010

El Dorado Indooroopilly

From an email from an agent:
"With over 70% of the apartments now sold Pretoria Property group are now finalising their construction finance so as to commence building the iconic apartments in October this year."
An email from the same agent a few days previous says:
"With the development earmarked to complete construction at the beginning of 2013..."

Friday, June 4, 2010

El Dorado Indooroopilly

The El Dorado Indooroopilly apartment development is still selling off the plan, and despite about 2 years of marketing, construction has not started. Some of the three bedroom apartments have been reconfigured as 1 bedroom apartments. The developer is now offering incentives for the smaller 1 bed apartments, which are small and the bedroom is fully internal (edited from an email from an agent):

Pretoria Property Group (developers of Indooroopilly’s ‘El Dorado Village Apartments’) has agreed to provide the following investment package.

Purchase as an investment property the A3 Type or A4 Type 1 bedroom apartments currently available for sale at El Dorado Village and Pretoria Property Group will provide to you from time of Settlement:

• Rental Guarantee @ 5% Gross rental yield paid for 2 years;

• Body Corporate fees paid for 2 years;

• Brisbane City Council Rates paid for 2 years;

• Supply and Installation of Door and Window coverings;

• Depreciation Schedule.

With the development earmarked to complete construction at the beginning of 2013, the above package will mean that the astute buyer will have nothing more to pay until approximately 2015.

So it begs the question, ‘if investors and upgraders are currently driving the residential property market then how much capital growth do you think residential property in Indooroopilly will achieve in the next 5 years’?

Recently in the ‘Matusik Market Update’ (dated March 2010) Michael Matusik stated that, “new apartments in both Toowong and Indooroopilly have seen consistent price growth in recent years. Last year the average annual gain was 5.9%, with owners making $102,000 in gross terms between sales. This compares well within just a 1% average growth rate for apartments across the Brisbane area during calendar 2009”.

In a recent article published by Investors Choice dated 1 June 2010 it was stated, “Brisbane will experience 10% per annum growth over the next 3 years” (click here to See Article).

With the suburb of Indooroopilly being a traditional high growth area the thought of purchasing a secure investment at today’s prices and watching that investment grow in value over the next 5 years is indeed very appealing.

El Dorado Village itself is a mixed-use development that comprises retail, cinema’s, commercial and residential tower. It has been identified that mixed-use developments such as El Dorado command higher growth due to greater demand to live in such complexes (click here to see extract from Michael Matusik).

This is a limited investor special and will only be provided to the first 10 buyers. One bedroom apartments at Eldorado Village start at $397,000.

3364B_StationRd_Link_A.jpg


Friday, February 12, 2010

One or Three Bedrooms?

I have always wondered whether developers know what they are doing. Take this for example.

The El Dorado Village Indooroopilly apartment development seemed to have its advertising targeted at suburban empty nesters. The proposed development included twenty end apartments that were three bedroom apartments, 105sqm internal (not large) and 35 sqm balcony. The lower floor 3 bedroom apartments were originally priced from $785,000 to about $825,000 when first released , but when re-launched recently, were priced in the low $900,000 range. There must not have been much interest, because the developer has reconfigured 10 of these apartments into 20 one bedroom and studio apartments. The new apartments are either 53sqm or 55 sqm internal, with either a 13sqm or 30sqm balcony. Priced from $400,000 to $465,000. So this development has lost ten 3 bed apartments and added twenty 1 bed apartments. Over a year ago, I was told by the developer's agent that the developer had finance and would start construction soon. That doesn't sound like it was right.

On the other hand, the developer for Mosaic in the Valley has combined one bedroom apartments to create larger two bedroom and three bedroom apartments. The developer has taken a couple of one bedrooms on the north side of the building and combined them into a two bedroom plus media room (94sqm plus 10 sqm balcony). The developer has also combined three one bedroom apartments on the south side of the building into a three bedroom apartment (134 sqm plus 17 sqm balcony).


In relation to the 2 bed plus media room, they have 2 car parks and the prices are:

Level 13 $799k

Level 14 $820k

Level 15 $840k

Level 16 $860k

So it seems that El Dorado is creating smaller apartments and Mosaic is creating larger apartments.

Friday, January 1, 2010

Alderley Square

PCN Projects, who are the developers of the proposed El Dorado Village at Indooroopilly, have launched a website for a new project at Alderley, called Alderley Square. There are little details about the project on the website.

"Alderley Square will provide a village-style, mixed use community that is set to revitalize and reinvigorate the heart of one of Brisbane's most established suburbs. It will combine the finest of residential apartment living, a thriving retail centre and bustling commercial precinct, all centred around a fully integrated transport network. Its restaurants, cafes and public gathering spaces will be evocative of those found in European capitals. And it's all just 15 minutes from the CBD."

Saturday, November 28, 2009

El Dorado Indooroopilly

The El Dorodo Indooroopilly redevelopment is being advertised again. It has been in off the plan sales now of over 18 months, with most of the buyers being South African. The prices have been substantially increased.
Here is the current price list for the apartments on the first level (which is immediately above the cinema.)

101 3 bed, 2 bath $845,000
102 3 bed, 2 bath $850,000
103 2 bed, 2 bath, study $780,000
104 2 bed, 2 bath $695,000
105 2 bed, 2 bath $695,000
106 1 bed, 1 bath, study SOLD
107 1 bed, 1 bath SOLD
108 2 bed, 2 bath $690,000
109 2 bed, 2 bath $690,000
110 2 bed, 2 bath, study $775,000

Very expensive!! You can buy a large good quality new two bed two bath apartment in Indooroopilly for $500,000. So these prices are incredible! The project was originally advertised as starting in February 2009. My guess is that it will not start until late 2010 if at all.

Tuesday, September 8, 2009

Indooroopilly El Dorado Update

El Dorado Indooroopilly redevelopment, which is running a year behind schedule. Prices have risen dramatically! It seems that about nine contracts have crashed since this time last year, as in Sept 2008, the price list showed that there were 25 or 28 apartments remaining for sale. Now:

"Apartments are now selling off the plan with the development due to start in 2010 and the expected completion date is early 2013.

34 apartments are still available as per the attached list and an initial deposit of $5,000 is payable at the time of signing an EXPRESSION OF INTEREST. Body Corp Fees range from $79.41 to $100.90 per week depending on whether you are buying a 1, 2 or 3 bedroom apartment.

More information along with floor plans is now available on the websites below.

www.eldoradovillage.com.au"

Three bedroom apartments, were $805,000, now listed for $925,000
Large two bedroom apartment, was $595,000, now listed at $780,000
Small two bedroom apartment, was $585,000, now listed at $705,000
One bedroom apartment, was $420,000, now $475,000

Tuesday, August 18, 2009

El Dorado Indooroopilly Update

"Thank you for your enquiry on apartments at the El Dorado Village. We are re launching the project on the 1st of September."

Saturday, October 11, 2008

Future Brisbane Apartment Developments

Monday, September 15, 2008

El Dorado Village at Indooroopilly

The El Dorado Village project at Indooroopilly has launched its website.

See www.eldoradovillage.com.au The project is to launch in October, and pre-sales have been strong. There are 100 apartments in the complex, mostly 2 bedroom apartments, with some 1 beds and 3 beds. There is a display suite at Park Road in Milton.

The project does not appear to have development approval yet.

Saturday, June 28, 2008

Indooroopilly El Dorado Development

From Brisbane Times

"While sales marketing has so far been low key, Dr Preller said there had been an overwhelming response from investors. "We have pre-sold more than 70 per cent of the residential component, so obviously there is a huge demand for this type of product."

My guess is that the presales have all been to South African's who put in the finance for this building. I haven't seen any pre-sales marketing at all. The building doesn't even have development approval, and objections were lodged with Council.

Saturday, June 7, 2008

El Dorado Indooroopilly Redevelopment

There is a current proposal by a South African developer to redevelop the El Dorado cinema complex at Indooroopilly. It is proposed to keep 5 cinemas, but build a 14 storey tower over the top. The tower will include 100 apartments, with a mixture of 1, 2 and 3 bedroom apartments. The two bedroom apartments will be approximately 85 sqm internal, or slightly larger for one style that has a study.