CHI International director Philip Morais lists $7 million Main Beach penthouse

Hong Kong-based hotel boss Philip Morais and his wife Eileen have listed their recently refurbished Main Beach penthouse with a $7 million price tag.

The lavish 775 sq m sky home with a private rooftop and pool is spread over the top three floors of the 20-storey Malibu building — one of the Gold Coast’s original residential towers.

Mr Morais is the director of CHI International, a luxury hospitality company which owns the Garden Island Resort in Fiji, and the CHI Residences serviced apartments in Hong Kong.

Property records show the couple purchased the apartment for $1.36m in 1994. It was listed with an asking price of $5.5m in 2020 but didn’t sell.

The owners have poured more than $1m into renovating the northern penthouse over the past eight months. It is one of two trophy homes crowning Sunland’s first Gold Coast high-rise, completed in 1989.

Billionaire developer Lang Walker has owned the other penthouse since 1991.

Queensland Sotheby’s agents Kim Sharpe and Michael Vettoretto are marketing the Morais apartment at 55/3 Tedder Ave.

The three-bedroom, four-bathroom home has expansive living areas over two levels surrounded by glass and capped by soaring 5m ceilings, showcasing incredible 228 degree coastal and city skyline views.

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Aerial view of the penthouse

There’s a covered wraparound balcony, while the rooftop alfresco terrace has a spa deck, outdoor kitchen, and bathroom.

The master bedroom has a walk-in wardrobe and dressing room, and there’s also a media room and study on the mezzanine level.

Mr Sharpe said the Malibu tower was, “constructed during an era renowned for impeccable craftsmanship and high-quality materials”.

“Fast forward 34 years, the Malibu penthouse has been elegantly transformed and funded by a seven-figure renovation budget to create a world-class executive residence,” he said.

He said the sale price represented “outstanding value” at under $10,000 per square metre, compared to recent penthouse sales in Main Beach and Broadbeach equating to more than $25,000 per square metre.

Mr Sharpe said the owners only used the penthouse for about 15 days a year, and had decided to sell as the asset had become surplus to their needs.

PropTrack data shows apartment prices in Main Beach were up 17.8 per cent over the past 12 months to a median of $1.125m.

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$1m of renovations have been undertaken over the past 8 months

Article source: Queensland Property Investor