Local gaming mogul Loi Keong Kuong has reportedly acquired a new property to add to his Australian property portfolio, The Australian reported.
According to reports, Loi spent some MOP505.8 million (AUD85 million) on the acquisition of a Queensland property located at Soul tower at Broadbeach. The property was first listed for sale back in 2015 by PricewaterhouseCoopers after the complex was taken into receivership in 2012. Soul Boardwark is a 77-level building which includes an area of 7012 square meters of retail space over three levels. According to the report, it returns around MOP41.7m (AUD7m) in net annual rental income from tenants.
While the property was on the market, Colliers International’s Matt Meynell and Stewart Gilchrist were said to have received more than 100 inquiries for the property. Herron Todd White Gold Coast commercial director, Ryan Kohler, said he was unsurprised that the center took such a long time to sell despite its beachfront location.
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