Media Release
Kokoda Property Group Announces Builder for $1.5 Billion Teneriffe Banks Precinct
Award-winning developer Kokoda Property Group has announced Versatile Construction as the builder for its landmark $1.5 billion Teneriffe Banks precinct, marking the next major milestone for Brisbane’s most significant riverfront development.
Construction of the 17,612 sqm site is scheduled to commence in December 2025 and is expected to be delivered in stages from 2028. Once complete, Teneriffe Banks will comprise 212 luxury residences across four architecturally distinct buildings, alongside Brisbane’s first Kimpton Hotel, extensive retail, hospitality, and wellness Amenities.
Kokoda Property Group Founder and Managing Director, Mark Stevens, said appointing Versatile Construction marks a significant milestone for Teneriffe Banks.
“Partnering with Versatile Construction gives us confidence in delivering a precinct that sets a new benchmark for luxury living, curated experiences and vibrant riverfront activation. Together, we will bring the vision for Teneriffe Banks to life, creating a destination that residents and visitors will enjoy for generations,” said Mark.
Throughout the construction phase, more than 2,000 jobs will be created, supporting hundreds of local contractors and suppliers. The scale of the project is anticipated to deliver significant economic benefits for Brisbane, contributing to one of the city’s fastest-growing urban precincts.
The Teneriffe–Newstead corridor has experienced growth rates double the Brisbane LGA average, with the local population forecast to increase from 40,912 residents in 2021 to more than 68,500 by 2046. This equates to a need for over 14,000 new dwellings. Teneriffe Banks will be a key contributor to meeting community needs, supporting the growing population with over 10,000 sqm of parkland and gardens, public art, hospitality and community spaces designed for connection, all on the banks of the river.
Marco Fahd, Chairman & CEO at Versatile Group, said, “We are thrilled to be partnering with Kokoda Property on the delivery of Teneriffe Banks, one of Queensland’s largest residential projects.
“We are looking forward to expanding our footprint in the state, taking on our inaugural project in Brisbane, and bringing our deep construction expertise, whilst delivering on the benefits of our integrated model. We are proud of the unwavering commitment our team of experts have to quality and certainty in delivery and are excited to work with Kokoda to bring their vision for this unique project to life.”
“Brisbane is entering a transformational decade, and Teneriffe Banks has been designed to support that momentum through placemaking, hospitality, and community amenity that will serve residents and visitors for generations,” said Mark.
Following a record-breaking $285M in first-day sales, momentum has continued with a sales campaign that has exceeded all expectations. Mark said the overwhelming response from buyers validated the group’s vision for Teneriffe Banks.
“The demand for a luxury product in this enclave has been extraordinary — we’ve never seen anything like it before. It reinforces everything we’re doing around quality, design, and creating genuine lifestyle precincts. Buyers are recognising the enduring value of Brisbane’s riverfront and are responding to the opportunity to live within a world-class destination that celebrates both place and lifestyle.”
Limited residences remain. To arrange a private tour or explore the precinct, visit www.teneriffebanks.com.au.
