Citimark's Markwell Residences Reach $80 Million In Sales


Buyers seeking prestigious yet attainable inner-city resort living have driven 100 apartment sales within Citimark Properties’ $197 million Markwell Residences project in Surfers Paradise.

The 46-level tower is now 50 per cent sold, prompting Citimark to increase pricing, tender the civil construction contract and seek a successful Permissible Change to its Development Approval to add an additional level to the building.

The milestone brings total sales in the now 210-apartment development to approximately $80 million since its launch late last year.

Citimark Properties managing director Angus Johnson said interest from the Australian market had been integral to the project’s sales success.

“Around 70 per cent of sales have been sourced from local and Sydney agents, with the balance from offshore,” he said.

“Markwell Residences is reaping the combined benefits of limited development opportunities in the central Gold Coast and being the first new residential tower to be marketed in central Surfers Paradise in seven years.”

Mr Johnson said the unique design of Markwell Residences’ apartments had galvanised discerning buyers.

“It is a very scalable project and it has been designed so that each apartment takes advantage of the views from the ocean through to the hinterland,” he said.

“Owner occupiers and investors are attracted to the centralised lifestyle benefits that Surfers Paradise has to offer, with international standard dining, nightlife and cultural precincts on their doorstep.

“Being only 180 metres from the beach and so close to the light rail represents a level of convenience that is highly sought after.”


Mr Johnson said Citimark had a very robust and long-term view of the Gold Coast market.

“We have been involved on a personal and professional level with the Gold Coast for many years and the education, job, population and infrastructure growth fundamentals of this region support our long term strategy,” he said.

“We purchased several sites on the Gold Coast in 2014 ahead of the current cycle because we understood the impact of these fundamentals.

“The key to successful and sustained development is about managing the market environment and having a strong balance sheet.

“We have made a strategic decision to self-fund the early civil works contract and follow with the tower construction tender in early 2017.

Citimark is also keen to expand its pipeline in the region and has plans to develop another tower project in Chevron Island as well as a residential riverfront community in Coomera.

With three classifications of apartment luxury – classic, premier and grandeur – Markwell Residences will offer a five-star resort lifestyle with innovative coastal architecture and international standard design features and finishes not seen on the Gold Coast before.

Apartments at Markwell Residences will have expansive living areas, king-sized bedrooms, spacious bathrooms, entertainer balconies and a master chef-style kitchen with European appliances, stone benchtops, bespoke cabinetry and metallic finishes.

They will embrace the Gold Coast’s sub-tropical climate, relaxed lifestyle and breathtaking views with open-plan design, floor-to-ceiling treated windows and broad balconies with glass balustrades.

Residents will have access to the world-class Recreation Retreat, a 1200sqm oasis with café, 22m aquatic lounge pool, three outdoor thermal baths, international standard day spa, yoga deck, high-tech fitness club, urban garden rooms and private outdoor and indoor dining pavilions.

CBRE Residential Projects is managing the marketing for the BDA Architecture-designed tower, which will rise on a site at the corner of Markwell Avenue and Surfers Paradise Boulevard.

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