Thursday 21 July 2022

How much for a slice of paradise on the coast? About $20 million

Singapore’s wealthy Ho family, headed by brothers Whye Chung Ho and Whye Tong Ho, have listed their long-held Palm Cove site in Far North Queensland amid expectations of about $20 million.

The 6.73 hectares of bushland on the oceanfront north of Palm Cove Jetty was purchased in 1993 when the Ho family owned the luxury Novotel Palm Cove Resort, now known as the Grand Chancellor Palm Cove.

The property comes with DA approval for apartments, a hotel and further subdivision, but is being marketed ideally to a buyer with plans for a private family retreat, given the demand for such lifestyle properties since the COVID-19 pandemic hit.

“By far the best outcome would be a very small, beautifully executed private compound,” said architect Gary Hunt.

“You’re high enough up that it’s not going to be a fundamental issue to develop a sanctuary.”

It comes less than a week after Dunk Island, near Mission Beach, sold for $24 million to Annie Cannon-Brookes, wife of tech billionaire Mike Cannon-Brookes.

The Ho family first listed it in 2014 with $20 million hopes, and again in 2019, but it was withdrawn during the initial stages of the pandemic.

The Ho family have listed the property with Forbes Global Properties’ Ken Jacobs, Tracey Atkins and Robert Fletcher.

The Ho brothers have been avid commercial and residential investors since the early 1980s, when they bought the Hyatt Kingsgate Hotel at Kings Cross and Birkenhead Point shopping complex at Drummoyne.

The Palm Cove property is just the latest in a string of significant sales by the family in Australia, including Whye Chung Ho’s Bellevue Hill trophy home for $25.5 million last year to millennial property investor William Wu.

Ho’s former Sydney home was the Darling Point residence Glanworth, purchased in 1994 for $8.5 million from James Fairfax and sold four years later for $9.5 million to media titan Kerry Stokes, given Ho’s move to Bellevue Hill.

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