My Melbourne Real Estate

FOR the second time this month, an Asia-based developer has purchased a prominent Victorian golf course, and is proposing to build a $55 million hotel, apartment-based complex and new 18-hole golf course, next door. An as-yet-undisclosed syndicate, which will be part controlled locally, is understood to have paid more than $7 million for the massive St Andrews Beach Golf Course and Resort, on the Mornington Peninsula. As well as the Gunnamatta course, a temporary club room and 20 apartments, the purchase includes an adjoining development site, which will yield another 18-hole course, club room, 40-room hotel, licensed commercial premises, and about 120 apartments. [...]