A master planned $1-billion residential community has been formally launched on the Gold Coast.

Queensland Premier and the Gold Coast Mayor jointly unveiled the Gainsborough Greens project.

Shitika Anand reports.

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It was a celebration to mark the beginning of a billion dollar project which will house one of the largest residential developments on the Gold Coast.

Gainsborough Greens is a 10year project to include 2,500 homes for more than 5,000 residents.

The Premier describing it as a strong commitment to the growth of Queensland’s urban infrastructure.

Anna Bligh, Premier: “Importantly a much more stronger commitment to doing much more than just building houses but to creating communities that people want to live in, that people want to bring their families in and where people can have a lot of confidence in investing in.”

More than 50 per cent of the development will be open space -including parklands, conservation areas and recreational precincts.

Anna Bligh, Premier: “This is a good example of what we can achieve in South East Queensland and get the population management right.”

The project includes seven individual precincts each with unique themes and styles.

Stage one of the project includes 119 residential blocks which is expected to be released to the public in August this year.

Matthew Wallace, CEO Mirvac Development Qld: “We’re working hard to make sure the starting price is $500,000 mark for a completed home.”

The 490 hectare development will surround an 18-hole Golf Course. The Premier and the local Mayor confident the project will deliver a hole-in-one.

Shitika Anand, QUT News