A consortium of Gold Coast developers has set in motion plans to transform an empty site in Varsity Lakes into a giant four-tower complex.
The proposed development has been put forward as a joint venture between Homecorp, Sunland Group and Condev Construction, three of the Gold Coast's largest property developers.
The 12,916sq m site, which is owned by Sunland, is located between 2-6 Capital Court in Varsity Lakes and will be developed in two stages with two towers delivered in each.
The four tower project, with towers ranging between nine and ten storeys, will comprise 388 units with 99 units each across three of the towers, with the fourth having 89.
The majority will be two bedroom apartments with the rest having a single bedroom.
According to the plans there will be 437 car parks and 164 bicycle parks located inside a three-level basement, as well as 180sq m of commercial and retail tenancies.
Homecorp is led by businessman Ron Bakir has become a major player in the Queensland housing market in a relatively short period.
The company's construction arm Homecorp Constructions is now ranked the 11th largest builder in the state and among the top three builders based on the Gold Coast.
Sunland is led by managing director Sahba Abedian.
The group has 13 active projects along Australia’s east coast and holds a $3 billion portfolio comprising 4,292 residential homes, urban land lots, multi-storey apartments, and an emerging retail and commercial portfolio.
Sunland also recently launched construction of The Lanes development on a 42 hectare site in Clear Island Waters.
Apartment sales increased to nine per cent of available stock in the second quarter of 2019, up from seven per cent in the previous quarter, according to planning and advisory firm Urbis.
On the Gold Coast, premium apartments typically attracting retirees and people seeking a sea change drove up the average sales price while foreign investors have returned to the market accounting for between 22 and 26 per cent of sales.
Off-the-plan apartment sales on the Gold Coast jumped in the recent quarter to be some 45 per cent higher than the prior quarter.
There were 231 new apartment sales recorded from January to March with two-bedroom, two-bathroom pads made up 65 per cent of sales.
The southern beaches precinct, which stretched from Mermaid Beach to Tweed Heads, had more than 60 per cent of sales for the quarter – the highest level recorded for the area in the past five years.
The national weighted average was $727,333, while the Gold Coast recorded its highest ever figure of $875,817.