Mosaic will fast-track the construction of its Milton development The Manning after netting $70 million in sales in the past six weeks.
Just 30 per cent of the building’s 113 apartments remain across the 22-storey BDA Architecture-designed tower.
Mosaic Construction will fast-track early works on the site at 33 Railway Terrace at Milton following the strong appetite for the project, and break ground early next year.
While the residential market may have come off the boil, Mosaic managing director Brook Monahan said owner-occupiers and investors were still looking for apartments as the underlying supply dries up.
“No doubt consumer sentiment has been impacted by the persistent negative chatter about the state of the market and rapid escalation in interest rates,” Monahan said.
“On top of this, labour shortages and material costs are still massively impacting the industry. But ultimately, our unique ability to control all aspects of delivery which critically includes having our own construction arm, means we are well placed in this type of environment.”
Monahan said many of the sales in The Manning project were repeat Mosaic customers.
“Only trusted brands with proven track records of delivering through all phases of the property cycle are likely to have the ability and capacity to steer themselves successfully in these very challenging conditions,” he said.
“We are fortunate to be considered amongst this small group of developers … we have never failed to deliver a project we have put to market, and we continue to experience an extremely loyal following of our brand.”
Monahan said the buyer pool had reduced in the current economic climate, but Mosaic had enjoyed strong sales performance and demand for its product in south-east Queensland.
Mosaic’s Gold Coast project Marella by Mosaic at Broadbeach also had a good day in the office, selling $100 million in apartments in a similar six-week timeframe.
The Manning will include “hotel-style amenities” including a gym, steam room, sauna and rooftop recreation level with pool and dining. It is the fourth project that Mosaic has engaged BDA Architecture on.
The tower sits above a four-level podium car park instead of basement parking, which will expedite building times, with the building earmarked for completion at the end of 2024.
