Mitsubishi Estate Asia Pte. Ltd. (MEA) has joined forces with Queensland-based McNab Group and Sydney-headquartered Ray White Capital in a $175 million strategic partnership to deliver Elements Budds Beach, a luxury residential development in the heart of the Gold Coast.
The alliance marks MEA’s first residential investment on the Gold Coast and the inaugural project of the newly launched RWC McNab Residential Living Development Fund Series I.
Established in early 2025, the fund aims to fast-track high-quality apartment projects in South East Queensland, addressing persistent housing demand in a market constrained by builder capacity.
Currently under construction, Elements Budds Beach is a 27-storey tower comprising 87 premium apartments, with completion scheduled for early 2028.
Located minutes from Surfers Paradise, it offers ocean and river views alongside rooftop and lifestyle amenities, including a pool, gym, and private dining.
More than $100 million in sales have already been secured, with just 26 residences still available.
McNab Founder and Executive Chairman Michael McNab said the partnership signals growing confidence from institutional investors in the South East Queensland market and in McNab’s fully integrated approach to development.
“This partnership brings together international capital, local delivery expertise and a deep understanding of Queensland’s housing market,” McNab said.
“Beyond affirming our capability, this institutional backing provides a strong platform for continued growth and the accelerated delivery of future projects across Queensland — a valuable advantage as the state experiences sustained interstate migration in the lead-up to the 2032 Olympic and Paralympic Games.”
“It’s a strong endorsement of our vertically integrated model, which spans acquisition, development, construction, building product supply and in-house trade labour – helping to mitigate delivery risk and offering long-term certainty for our residents.”
Ray White Capital founder and Ray White Group Managing Director Dan White said the project aligns with the firm’s focus on growth markets where infrastructure, population trends, and design-led development intersect.
“Our well-established partnership with McNab across debt and equity dates back to 2005, and over that time we’ve seen firsthand their ability to consistently deliver high-quality outcomes across a range of market conditions,” White said.
“This joint venture is the next chapter in that long-standing partnership – built on trust, delivery certainty and shared ambition.
“As McNab continues to scale its vertically integrated development and construction model, we’re actively looking to support its expansion journey through projects like this one.”
MEA Executive Director and Head of Australia Yosuke Matsunaga said the deal strengthens the company’s Australian portfolio while advancing its international growth agenda.
“Australia continues to be a key focus in our international strategy, and the Gold Coast represents a dynamic next step in our regional expansion,” Matsunaga said.
“We’re committed to investing in high-quality residential projects in locations underpinned by compelling long-term fundamentals, reflecting both local character and global standards — and this development reflects that vision.”
“As Mitsubishi Estate continues to expand its investments in Australia, the decision to partner with McNab and Ray White Capital was a natural fit.
“Their outstanding track record of successful project delivery and strong performance across varied market conditions speaks for itself.”
Ray White’s Neoval research shows the Greater Brisbane apartment market has posted 44 per cent compound price growth since 2022.
Analysts expect further momentum ahead of the 2032 Olympics, as population and employment growth continue to fuel demand.
The partnership underlines an emerging wave of international capital targeting Queensland’s lifestyle-oriented housing sector, with Elements Budds Beach set to stand as a flagship example of design-led, long-term investment in Australia’s fastest-growing urban market.
