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Sep/06/2015 - 22:25:21

Price slashed on waterfront mega-mansion Mandalay House - NEWS.com.au

Mandalay House is just 10 minutes from Hamilton Island airport and offers unrivalled luxury.Source: Supplied

A FLOOD of Chinese money is breathing new life into Queenslands premium property market as families set their sights on multimillion-dollar villas dotting island playgrounds up and down the Great Barrier Reef.

It comes as the owner of one of Australias most exclusive high-end mansions slashes its asking price by a cool $6 million to lure in potential buyers.

Property developer Neil Murray, the owner of Mandalay House, a 4200-square-metre Mediterranean-style mega-mansion located 11 kilometres from Airlie Beach, said overseas interest in the area was heating up.

Mr Murray has dropped his initial asking price of $25 million to a more realistic $19 million, saying the past year was about testing the water.

Weve had a lot of inquiries from overseas, but also a lot locally, he said of the property, found in Queenslands Whitsunday region. If this house was in Sydney it would be worth $35-$40 million.

How bout that view: Mandalay House.Source: Supplied

In the past few years, Chinese investors have piled into commercial real estate in the Whitsundays, and construction is under way on a $300 million Chinatown precinct at Airlie Beach, where a planned international upgrade to the airport is hoped to bring Chinese tourists from the mainland just seven hours away.

Last December, Shanghai-based China Capital Investment Group snapped up the Daydream Island Resort and Spa for a cool $30 million, down from its $100 million asking price seven years earlier.

An image of plans for the redevelopment of the Lindeman Island resort.Source: Supplied

Chinese cable TV giant White Horse, which bought Lindeman Island in 2012, revealed earlier this year its plans to redevelop the old Club Med into a $600 million resort.

And Nanjing-based businessman Ji Changquns Fullshare Group, having acquired the crumbling Laguna Quays resort along with Christopher Skases old Sheraton Mirage Port Douglas in 2011, is pushing ahead with plans to revamp the Whitsundays getaway.

Thats driving increased interest from Chinese-Australian residents and their families in properties like Mandalay House and Heavens Gate.

The heat is really coming back into the Whitsundays because of the Chinese investment, Mr Murray said. Hamilton Island just had its best year ever, all of the luxury resorts have been at 80 per cent occupancy all year, it has just been sensational.

The Chinese are now the biggest foreign acquirers of Queensland property, investing $463million in 2013-14, according to the Foreign Investment Review Board.

This could all be yours, for $19 million.Source: Supplied

Carol Carter from Gold Coast Sothebys International Realty said there was a lot more interest in the northern Queensland than there had been for quite some time.

Theres quite a Chinese community there now, she said. It started small but mushroomed very quickly. Theres a lot of international interest in property up there.

Many buyers are wealthy Chinese-Australians looking for a new family home base.

A lot of property-savvy buyers [see the growth potential] and are getting themselves into a secure position and buying now, Ms Carter said.

The Whitsundays is the playground for Australians and its becoming much more widely known overseas now.

Mr Murray said it was a shame to have to sell Mandalay House, which he famously built with an open chequebook, but that family circumstances meant it was time to relocate to the Sunshine Coast.

Mandalay House is a cut-price slice of paradise with room for a chopper.Source: Supplied

Its like a private resort. It needs a lovely family now to enjoy it like we did, he said.

The property is a one-of-a-kind, perched on a peninsula at the edge of a national park.

These houses with the folding glass doors, theyre great, but theyre going to date, Mr Murray said.

This house was built to last for 200 years or more. I put the colour in the render of the walls so you dont have to paint it. It will get better and better with age.

The six-bedroom, nine bathroom house, located at 383 Mandalay Rd, Whitsundays.

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