High-profile property developer Richard Gu, the driving force behind the AXF Group, has sold his highly anticipated project Sovereign Square Box Hill for almost $40 million. Famed for his property sale and development skills, Gu has been diversifying his portfolio – stretching into the fields of mining and entertainment.
The Box Hill project, embodying an “east meets west” theme, was planned to define the high-end urban living in Melbourne. It has an Asian-style podium that has a smaller lobby than typical in most Australian high-rise buildings. Its interior themes are taken from the five creatures guarding points of the Chinese compass.
The Chinese property tycoon began the 2417-square-meter project in 2014, consisting 34-levels of 419 luxury residence apartments and 4,939 sq meter of commercial and retail space. Resident amenities include a pool, gymnasium, and open garden terrace areas.
The Chinese businessman sold the property at 545 Station Street to another Chinese-origin, Melbourne developer, Golden Age Group’s Jeff Xu. It was reported that Gu bought the site for $24 million a few years ago.
Mr. Gu has been more active selling sites than buying them. He sold the Kinnears Rope Factory in Footscray for $60 million and Fairfax House on Pitt Street, Sydney, joining the Gold’s Fields House, to Chinese property giant, Dalian Wanda for $73 million. Those close to the Chinese entrepreneur in Australia said the sale of the project could be part of the developer’s plan to diversify his businesses into non-property areas such as mining services and entertainment.
In addition, Gu is also look forward to developing projects in Sydney.