SkyRidge masterplanned estate, Worongary
Heavyweight developer Frasers Property has swooped on the Gold Coast’s largest masterplanned community, securing development rights to the $1.5 billion SkyRidge estate.
The $170 million land grab wraps up a high-profile sales campaign launched in 2025 by WA-based Perron Group and the late Ross Atkins for the 334ha Worongary project.
The mega-purchase was funded by a massive capital recycling strategy, with the Singapore-headquartered developer offloading nearly $800m in completed assets across the eastern seaboard to fund its ambitious expansion.
The estate will be completed over the next 14 years
Frasers Property Australia, the local arm of the multinational giant, will move to deliver about 3,000 lots and a shopping centre over the next 14 years to complete the estate.
SkyRidge is the Gold Coast’s only masterplanned community with house lots now available to purchase.
Frasers also snapped up a 60ha site in Geelong, Victoria, boosting its national residential pipeline by 3,800 units.
Frasers Property Australia chief executive Cameron Leggatt said the recent sales of Eastern Creek Quarter in Sydney ($400m), Melbourne’s Burwood Brickworks ($107.25m), and the WeAreLiving Brunswick Build-to-Rent project in Brisbane ($285m) paved the way for the multi-state buy up.
Marketing manager Michelle Edwin at Skyridge’s popular Lorikeet Park. Picture: Glenn Hampson.
“The successful execution of [these] sales…has enabled us to recycle capital into these new opportunities,” Mr Leggatt said.
“The new acquisitions in Geelong and on the Gold Coast are both unique opportunities. They align strongly with our brand and strategy of developing distinctive mixed-use communities in our core eastern seaboard markets.”
Twenty years in the making, SkyRidge currently has 203 lots under construction. Frasers will focus on delivering these between late 2026 and mid-2027 while securing approvals for more lots in the highly sought-after community.
SkyRidge is the city’s only trading masterplanned community
Frasers Property Australia executive general manager of development Emily Wood said the buy marked a major turning point for the developer.
“This is a transformative year for the company as we focus on new acquisitions, allowing opportunities for our community-building and placemaking expertise to come to the fore,” Ms Wood said.
“The acquisition of SkyRidge enables us to provide new and existing customers an opportunity to be part of a brand-new community of impeccable design, with a mix of homes and amenities in a convenient location close to everything the Gold Coast is famous for.
“We look forward to building on the strong foundations already apparent at SkyRidge.”
A luxury display home in the estate
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Once finished, the estate will include 3,500 dwellings and 75ha of parklands, 16km of off-road paths, and a 3km ecological corridor designed to protect the natural environment and local wildlife.
Perron Group general manager of land development Lyle Kenny said the company was proud of its foundational work alongside Mr Atkins.
“Our focus from the beginning was always to create a high-quality, contemporary masterplanned estate for residents and the broader community and, based on sales success to date, we think SkyRidge is already recognised as a wonderful place to live and enjoy life,” Mr Kenny said.
“We are confident that Frasers Property is the ideal company to take the vision forward and to work closely with key local stakeholders to realise the potential of this beautiful location in one of Australia’s most sought-after regions.”
Skyridge sales agents Rami El Kiki and Brinton Keath with buyers Toby Donelan and Alex Hill
The $170m transaction comprises the estate’s development rights and a small land parcel owned by Perron Group.
The vast majority of the underlying land remains owned by a deceased estate with a court-appointed administrator, Mr Robert Hutson of KordaMentha, acting on behalf of the beneficiaries. The owner interests do not form part of the transaction.
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