Two new residential projects targeting luxury buyers have launched on the Gold Coast, amid growing demand for prestige properties in a “maturing” residential market.
Demand for $1 million-plus properties in the Gold Coast market is steadily increasing, growing to 15.6 per cent of the market from just 5.9 per cent in 2012.
Launched by Queensland first-timers Bensons Property Group, the $230 million, 40-storey “Chevron One” will be the first high-rise on Chevron Island.
The 247-apartment tower commenced marketing last week. Apartments, ranging in size from 51sq m to 162sq m, will carry an average $1 million price tag.
Construction of Chevron One is expected to start later this year, with a likely completion date in 2021.
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Brisbane-based developer Synergy Property Partners’ “Pacific Palm Beach” is also targeting the luxury-buyer market.
With prices starting at $1.9 million, the development has sold all but two apartments after the project launched in late December.
The $39 million residential development, designed by Plus Architecture, is located at Twenty Third Avenue in Palm Beach. Synergy acquired the site in an off-market transaction in late 2017.
Synergy’s residential development director David Calvisi said sales already exceeded $34 million with two apartments remaining on the market.
“Pacific Palm Beach was designed specifically for the high-end owner-occupier market,” Calvisi said.
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“We were focused on filling the gap in the market by designing and delivering sophisticated residences, [with the amenity] of a contemporary home, and the security and low-maintenance aspects of apartment living.”
The projects join other recent Gold Coast developments including Citimark's $200 million Markwell Residences, Spyre Group’s $79 million Broadbeach apartments, the $220 million Signature Broadbeach, Sunland's $200 million Hedges Avenue high-rise and Broadbeach’s “The Beach” apartments.
Pacific Palm Beach is scheduled for completion in mid-2019.