Chinese developer snaps up miami beach plot

A Chinese developer has snapped up one of the last undeveloped plots in Miami Beach.

The Peebles Corporation bought the land plot for $38.5 million from Engel & Völkers, making it the most expensive plot in the agency's history.

The company will build prime apartments or a hotel on the land, which measures over 3,900 square metres. Up to 60 apartments or 150 rooms are expected to be in the development.

Irving Padron, Managing Partner of Engel & Völkers in Miami, tells OPP.Today: "This plot is one of the last undeveloped plots of land in Miami Beach - one of the most sought-after property markets in the world. The plot offers versatile building opportunities with great investment potential."

"The reason for our successful collaboration is the worldwide network of Engel & Völkers and the resulting marketing opportunities we offer," he added.

The deal is also a sign of the USA's ongoing recovery, as the country's improving economy fuels both construction and interest in both off-plan and completed properties from investors. Indeed, the sale follows research from Realtors that reveals Miami now accounts for half of all international home sales in Florida, which remains the most popular US destination on TheMoveChannel.com.