With 83% of its units already sold, St Lucia is proving to be a successful venture for Mosaic Property Group and its $12 million Savant project.
The area's high residential demand has resulted in only three, three-bedroom apartments remaining priced from $737,000 after the development was released onto the market on August 5.
Savant will front Sir Fred Schonell Drive, putting its residents close to the Brisbane River, University of Queensland, major retail, exceptional sports facilities and key public transport links.
Mosaic Property Group Managing Director Brook Monahan said the site was chosen because of its location in a premier city fringe suburb.
“St Lucia is one of the most desirable suburbs in Brisbane due to its proximity to the CBD, its vast expanse of prime riverfront land and the presence of the world-renowned University of Queensland,” he said.
“There is a cosmopolitan mix of students, young couples and families, high income professionals and retirees.
“The significant professional demographic means incomes are well above the Queensland average and a high percentage of owner occupiers and detached homes.”
The proximity of UQ and the Wesley Hospital medical precinct is the largest contributor to the strong demand for rental and living options in St Lucia, Mr Monahan believes.
“There is a low supply of such properties which is something that we factored into our plans for Savant,” he said.
Mosaic Property Group secured development approval for the 17-apartment project on July 12.
Each apartment will have an abundance of natural light and ventilation with higher than average ceilings and large doors and windows.
The gourmet kitchens will have ample bench space complete with stone benchtops, island bench, European oven, integrated dishwasher, undermount sink and European tapware.
Other features include fully tiled bathrooms, built-in and walk-in wardrobes, separate laundry, air conditioning to all bedrooms and living areas and high speed internet.
The building will have a lobby and fully secure lifts and car park with intercom entry.
Savant is one of several suburban apartment and town home projects being launched by Mosaic Property Group following its completion of more than $110 million in developmentin FY15/16.