Newspaper article Daily News (Warwick, Australia)

Developer's High Hopes

Newspaper article Daily News (Warwick, Australia)

Developer's High Hopes

Article excerpt

Byline: TONI SOMES

A GOLD Coast developer with business interests throughout Queensland has labelled his Rose City residential development his most "secure" project.

Michael Kljaic, whose MKM Group of Companies has interests in Gladstone, Mount Isa, Rockhampton and Ipswich as well as locally, said Warwick's economic stability would help ensure the future of his St George Springs development.

"Three years ago when I invested in Warwick, people in the construction industry on the Gold Coast asked why," Mr Kljaic said.

"Today, despite the economic downturn, I am still selling residential blocks here, which says a lot about this region's stability.

"Right now there is no place I would rather be - you might not make a million here overnight, but you won't go bust either."

Mr Kljaic's residential development on Yangan Road is well into it's first stage, with nearly 50 per cent of the initial 21-house blocks sold and council approval granted for a major commercial shopping centre within the estate.

Real estate salesman Stuart Wade said enquiry for land in St George Springs remained strong with several blocks currently under contract.

"The estate is one of the most well presented in the city and will offer residents convenient access to well-positioned commercial facilities, both factors are contributing to it's popularity among buyers," Mr Wade said.

He said sales had been dominated by local residents keen to upgrade, with just three blocks sold to Warwick-based investors taking advantage of the strength of the Rose City rental market.

"We currently have no rentals available on our books, so there is a very real and pressing need for quality rental accommodation in the city," Mr Wade said.

Meanwhile Mr Kljaic said his company's only investment project comparable to Warwick on a market activity gauge was an "affordable townhouse complex" his company had developed at Redbank Plains, Ipswich. …

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