Hong Kong-based developer SPG Land is opening the doors of the southern hemisphere’s largest sales centre to market its $880-million triple-tower development on the Gold Coast.
The 800-apartment development, Paradiso Place, is planned for a largely undeveloped 1.15ha block at 103 Ferny Avenue in Surfers Paradise which has sat empty for more than 20 years, alongside the Marriott Hotel.
SPG Land chairman David Wang said the developer had outlaid $4 million to build its sales centre as it launches the first 260 apartments in the initial phase of its 150,000sq m development.
“The Gold Coast is evolving at a remarkable rate in terms of population growth and popularity, and we anticipate this evolution to skyrocket once borders are reopened,” Wang said.
“[This development] will provide a much-needed link that effectively becomes an extension of all that makes Surfers Paradise and the Gold Coast renowned for.”
The 2000sq m showroom will feature full-scale replicas of the two- and three-bedroom units in the three-tower complex.
Apartments in the project, which have 3m high ceilings, will be priced from $550,000 to $14 million for the project’s penthouses.
The sales centre will be demolished before construction begins in 2022.
Once realised, the project’s three towers will rise 38, 40 and 42 storeys, and will feature an Australian-first suspended glass-bottomed lap pool and sky lounges, on level 26.
SPG Land marketing director Alex McMahon said the apartments of the first release had been selected because of their ocean views.
“We understand how sophisticated today’s consumer is and we are sure they will appreciate the value in living in this new seaside neighbourhood,” McMahon said.
“With a severe shortage of supply in the market, we expect all apartments will be snapped up within months of release.”
The release is expected to ease pressure on the city’s available unit stock, with elevated buyer demand pushing the current available supply to a seven-year low, or 2.2 months of supply.
Almost 700 apartments sold in the September quarter, bringing the year’s total so far to 1900.
According to Urbis, just 500 apartments remained for sale at the end of September, down from 630 at the end of June. Comparatively, at the end of June 2018 there were 2594 apartments for sale.
Of the remaining apartments still for sale, more than half are in the Gold Coast central precinct—Labrador, Southport, Main Beach, Surfers Paradise and Broadbeach.
The southern beaches, from Mermaid Beach to Tweed Heads, currently have the lowest supply on the Gold Coast with just 45 apartments for sale.
According to Urbis, nine new projects comprising 800 apartments were launched in the September quarter, with two selling out within three months. They were among 16 projects that sold out during the quarter.
At last count, there were more than 50 residential projects with an estimated investment value of $4.8 billion under construction and with firm pipeline commitments.
