Brisbane-based Mosaic Property Group has this month completed construction of three apartment projects totalling almost $40 million in Indooroopilly, Alderley and Holland Park.
Mosaic managing director Brook Monahan said the latest trio of projects, Alto at Indooroopilly, Botanica at Alderley and Eco at Holland Park had sold out within months of being released for sale.
“We achieved complete sell out of these projects almost a year ahead of construction completion, which is obviously very encouraging,” he said.
Mr Monahan said as a result, the company was planning to unveil at least five new projects over the next six to eight months.
“The successful delivery of six projects in the first three months of 2016 has paved the way for a pipeline of new Mosaic projects to be launched this year,” he said.
“They are likely to include projects at St Lucia, McDowall, Everton Park, Chapel Hill and Upper Kedron.”
Strong buyer appetite for boutique apartments in affluent suburban locations has seen Mosaic Property Group double the value of its workbook for the 2016 financial year.
The completion of three projects in April follows Mosaic’s construction of $56 million worth of projects in the first quarter of 2016 in Ashgrove, Mt Gravatt East and Indooroopilly.
“Completion of these projects means Mosaic has already exceeded $110 million in completed projects for the 2016 financial year,” he said.
“It represents strong growth from 2014 and 2015 when our figures were about $50 million.”
Mosaic Property Group managing director Brook Monahan[/caption]Mr Monahan said Mosaic’s completed project workbook would exceed $150 million for the 2016/2017 financial year, with a further 10 projects in the pipeline.
He said buyers were drawn to Mosaic’s ability to consistently deliver quality boutique apartments and town houses in sought after, affluent suburban locations that were undersupplied with high quality residential product.
Alto’s 21 apartments were a mix of two and three-bedroom configurations that were priced from $560,000 and located in Priory St at Indooroopilly.
Botanica at Alderley has 13 two- and three-bedroom apartments that were priced from $505,000.
The Holland Park development, Eco, was Mosaic’s second largest project delivered this year at 36 apartments, with prices ranging from $379,000 for a one-bedroom unit, from $475,000 for two-bedroom and from $565,000 for three-bedroom configurations.