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Owner weighs sale, JV for A$1.2B Gold Coast tower

Chinese developer Forise Holdings is planning to either sell or find a joint venture partner for its A$1.2 billion Spirit high-rise luxury residential tower in Surfers Paradise on the Gold Coast in Australia, the Australian Financial Review reported.

The company enlisted Canford Property Group Ltd. to seek either a joint venture partner or an off-market buyer open to amending development plans for the 3,494-square-meter site amid slow sales, the publication said.

The 89-story development at 3 Trickett St. is slated to include 479 apartments, but the project could be reworked to allow for hotel, retail and residential space, subject to council approval, the publication added, citing Canford Property's Roland Evans.