A Chinese-backed Australian company with an approved development application for a $300 million apartment complex for the old Scarborough Markets site, has run out of time. The approved application for two towers, 43 and 35 storeys high, was approved after community backlash and a high-profile campaign, seemingly influenced a rejection from the Metropolitan Redevelopment Authority for their earlier proposal.

Set on the corner of West Coast Highway and Scarborough Beach Road, the December 2017 proposal was designed to be a hotel and entertainment precinct with a convention centre, 370 apartments, shops and eateries over three buildings up to 43 storeys high. This was nearly four times the base height maximum of 12 stories, under the Metropolitan Redevelopment Authority's Scarborough Planning Framework.

In June 2018, approval was given for two towers, 43 and 33 storeys high, with hotel rooms reduced from 158 to 119 and apartments cut down from 346 to 314.

In April 2019, a spokesperson for 3 Oceans Property (Scarborough) Pty Ltd, declared the project to be on hold due to a comprehensive review that had determined it was not financially viable in the current market. As a result, they would explore other options and engage a new design team in the process.

Ocean 3's high-rise proposal expired in June 2022 and no requests for extension were made.

Now the Scarborough community face a new issue of squatters and anti-social behaviour, with the site now home to a homeless camp. Despite large amounts of rubbish and possessions filling up the remains of the site and a coincidental increase of crime in the locality, the authorities have been said to be slow to act.