MRCB secure funding for 26 Vista, Surfers Paradise apartment development
MRCB International is set to push forward with its 26 Vista apartment tower in Surfers Paradise, after receiving funding for the $300 million project from Malaysian financial institution MBSB Bank.
MBSB Bank supports numerous local construction projects with a special focus on sustainable mixed-developments. 26 Vista is one of the few international projects that MBSB Bank has provided funding for.
MRCB International CEO Ravi Krishnan is confident that 26 Vista, which features a contemporary design by acclaimed architects DBI, numerous sustainability initiatives and a penthouse that is set to break price records for the suburb, will appeal to buyers, particularly those who may be apprehensive by the economic climate.
“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" Krishnan says.
“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 will be appointing a builder for the project by end 2023, following a thorough procurement process involving 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," Krishnan added.
"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."
Named after it's prime location at 26 Vista Street, just one street back from the sought-after Northcliffe Beach, 26 Vista will rise 51 levels and home 280 apartments starting from $600,000. There will also be six three-storey townhouses that front Northcliffe Light Rail Station.
Vista is scheduled for completion in 2026.