KANGAROO POINT SET FOR $150M DEVELOPMENT

A $150 MILLION luxury residential development will soon rise above Kangaroo Point cliffs.

The 2219sqm development site with panoramic views will become the Singapore-based Banyan Tree Group's first Australian property.

The site was purchased by the group from the Queensland Government via tender in July 2014 for $15 million.

It will fall under the Banyan Tree Residences brand which currently has presences in China, Indonesia, Mexico, Thailand and Vietnam.

Banyan Tree Group executive chairman Ho Kwon Ping says Brisbane's growing profile as the nation's 'most dynamic city' made it an ideal location for the brand's first foray into Australia.

"The city was a natural choice given its 2.2 million residents and $135 billion-dollar economy," says Ping.

"As the leader in the country's infrastructure boom, there are strong growth projections for Brisbane as it continues to transform and evolve."

Banyan Tree Group claims this is Brisbane's first true 'private luxury residences'.

It will include 76 freehold private residences over 10 levels, comprised of four penthouses, 27 three-bedroom apartments and 45 two-bedroom apartments.

Owners will also have a secure lobby with access to a 24-hour concierge, Banyan Tree Spa and retail gallery, dining venues, gym, private function spaces, and a rooftop garden and infinity pool.