Banyan Residences to launch to undersupplied Redlands apartment market
Redlands developer CS Development Group is preparing to launch Banyan Residences, a collection of just 30 apartments in the heart of Cleveland.
Steven Pantic, Founding Director of CS Development Group, said in recent years they identified the Redlands, and more specifically Cleveland, as a population growth area.
“Along with many parts of South-east Queensland, it’s an area of high demand with supply of larger, quality apartments being low,” Pantic said.
“Based on our delivery experience over 20 years, we know apartment residents are looking for spacious, well designed property that is most importantly, soundly built. Further, over the next 25 years the number of older people aged 65 years or older will increase."
Banyan's two-bedroom apartments start from $709,000, with the three-beds from $1,049,000.
CSDG also has Casa Residences, also in Cleveland, in market. That has just 10 apartments ranging in size from 102 sqm two-bedroom apartments to 186 sqm three-bedroom units.
Position Property have sold three apartments in Casa Residences already to local buyers.
Pantic says many of their past buyers, who are downsizers, have told them they are looking for single-level living at an affordable price, with the ability to continue living in their local community.
“We have committed to bringing a new pipeline of quality residential developments to the area, commencing construction of our first, Casa Residences, prior to commencing the sales campaign to provide the local market with confidence in our ability to deliver.”
Queensland Deputy Premier, Steven Miles has released updated population projections, forecasting growth of over two million new residents in South-east Queensland by 2046.
“We are in our decade of opportunity. We have a strong economy. We have a 10-year pipeline of infrastructure projects in the lead up to and beyond Brisbane 2032," Miles said.
“Thanks to all of this, and our great Queensland lifestyle, we’ve seen record levels of net interstate migration and now increasing international immigration.
“Because our population is growing, we need to get ready to build more of the Queensland we love."
The population of Redland City Council alone is expected to increase by 50,549 people between 2021 and 2046, from 161,730 to 212,279.
