ONE of Cairns last remaining headlands on the tropical north coast at Palm Cove  with approval for a $100 million development  is being sold for more than $20 million.

Singapore brothers Whye Tong Ho and Whye Chung Ho have chosen not to develop the land which once adjoined their Novotel Palm Cove property (now Hotel Grand Chancellor Palm Cove) to consolidate their interests in Asia.

The 6.73ha site, above the Palm Cove jetty at the northern end of Williams Esplanade, has development approvals for either a $100 million resort, a $100 million unit development or a residential subdivision.

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Dennis Crossley, of Ray White Commercial Cairns, believes the two blocks of land will sell for more than $20 million. Expressions of interest close on December 12.

He said the land, which also adjoins Buchan Point, had promising potential.

“This is the last remaining absolute beachfront headland development site along the east coast of tropical North Queensland,’’ he said.

The land is in two lots of 2.4ha and 4.3ha with the front entrance opposite the Palm Cove jetty plus other access off Coral Coast Drive.

The land is owned by PC Cairns Properties Pty Ltd, of which the brothers are listed as directors.

It is understood the property is the last they own in Queensland. They once owned the Hilton Brisbane hotel and sold the Novotel Palm Cove property and golf course about six years ago for $46 million.

They bought the Palm Cove land in 2003 for $1.21 million. Previous sales were $4.3 million in 1994 and $450,000 in 1989.

The Cairns Post believes the men, in their 60s and 70s, are consolidating their investments, although they did buy a North Sydney office tower late last year for $47 million.

They have decided not to develop the Palm Cove property despite approvals which last to August 2017. Mr Crossley said the site had “spectacular views” of the Coral Sea.

He added the three Cairns Regional Council approved proposals were:

■ A multi-unit residential housing development of 122 self-contained residential units in buildings arranged across the site in two and three-storey configurations.

■ An integrated tourist resort development of 107 luxury suites and 18 units of two or three-bedroom serviced apartments, as well as a reception area, a restaurant and other guest services.

■ A community-titled residential housing subdivision of 27 residential lots and common property.

Mr Crossley said it was one of the most significant land offerings on the Northern Beaches this year.

He said marketing would start today with interest expected nationally as well as from overseas, especially Asia.

Newspaper advertisements include one in Businessweek as well as in The Australian, The South China Morning Post and Wall Street Journal Asia.

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