PROPERTY developer MRCB International has received funding for its $300 million Surfers Paradise project, 26 Vista, from Malaysian financial institution MBSB Bank.
With financial backing in place from the bank, MRCB International will be able to go ahead with the Gold Coast development, which will feature design from architects CBI, multiple sustainability initiatives and a penthouse which is set to break price records for the suburb.
26 Vista launched an expressions of interest for 51-storey Surfers Paradise tower that will be home to 280 apartments and six townhouses in December last year, after gaining approval for the project that September.
While MBSB Bank provides support for numerous construction projects with a focus on sustainable mixed-developments, 26 Vista is one of only a few international projects.
“The financial security MBSB Bank has provided through financing 26 Vista will allow our purchasers, and potential purchasers, the ability to feel protected from the consequences of the economic landscape surrounding our industry,” said Ravi Krishnan, CEO at MRCB International.
“This is the first project we have undertaken on the Gold Coast, and we are determined to succeed and follow through with our plans to introduce one of the most sophisticated projects ever seen in Surfers Paradise.”
MRCB International hasn’t yet appointed a builder for a project but intends to before the end of 2023, after a thorough procurement process between select national building companies.
“It is a precarious time for the construction industry and builders are needing to be savvy and highly selective when it comes to tendering for new projects. The financing from MBSB Bank has bolstered our ability to secure a builder with the knowledge that our financial status is secure and we will be able to deliver this project,” added Krishnan.
Plans for the apartment tower see residents having access to a wellbeing precinct on Level 4 including a gym with outdoor yoga space, outdoor pool and spa, sauna, steam room and resident’s lounge space. With rooftop gardens and another resident’s lounge on Level 51 and EV charging provisions in an effort to future-proof the project.
26 Vista is currently scheduled for a 2026 completion date.
