Canberra-based developer Geocon has sold 500 units of its luxury development, defying the slowing apartment market trend in some of Australia’s major capital cities, prior to the project's official launch.
Less than a month after securing development funding from international investment bank Goldman Sachs, Geocon successfully sold 500 of 541 apartments at its "High Society" project in Canberra.
The two 27- storey glass towers will climb 113 and 100 metres respectively to become Canberra’s tallest buildings, and mark the third release in the developer’s $1 billion Republic development in Belconnen.
Geocon managing director Nick Georgalis said of almost 1000 apartments offered across Republic approximately 10 per cent remain to be sold.
“We have sold 500 units with less than 10 per cent of the stock remaining by day one,” Georgalis said.
“That is an outstanding achievement in Australia today, to be almost sold out at the commencement of the project.”
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The construction timeline for the Fender Katsalidis-designed luxury towers was slashed from ten years to three, after a major finance agreement was brokered with global bank Goldman Sachs.
The luxury offerings will provide concierge service, a climate-controlled cellar, a private cinema, and a chef’s kitchen.
Canberra is expected to show strong price growth across 2018 and 2019, according to a recent BIS Oxford Economics report.
Bolstered by high incomes BIS was positive about the nation’s capital city housing market through to 2019. Price growth is likely to slow into 2020-21 due to an increase of dwelling supply.
Apartments are expected to be in greater supply and will have less robust growth at six per cent, a drop of two per cent, according to the report.
High Society will offer 541 apartments, a 135-room Abode hotel along with retail and commercial offerings set amidst the Republic precinct.
Construction of the glass towers is expected to be completed by September 2020.
