This article is from the Australian Property Journal archive
MACAU gaming mogul Loi Keong Kuong has made a second major commercial property acquisition on the Gold Coast in 18 months, paying about $65 million to EG Funds Management for the Circle on Cavill retail centre in Surfers Paradise.
EG spent over $13 million on upgrades since buying the 12,364 sqm, Woolworths anchored centre for circa $40 million in 2011 from collapsed developer Octaviar. The fund manager had put the centre up for grabs more than a year ago.
In the middle of last year, Loi bought the Soul Boardwalk shopping centre within the $850 million Soul Tower, also in Surfers Paradise, for $90 million.
Loi, the chairman of Macau’s Rio Hotel & Casino, had purchased the 179 Elizabeth St office tower in Sydney for $265 million in the weeks before the Soul Boardwalk buy.
