First look: Amalgamated Property Group double down on Broadbeach apartment market with Raptis site acquisition
The Canberra-based apartment developer Amalgamated Property Group have doubled down on the Broadbeach apartment market.
Having successfully recently launched Amaya Broadbeach at 30 First Avenue, now under construction and 40 per cent sold, the Graham Potts-led company has secured a prime site just 700 metres away near Nikiforides Park.
It's the 1,820 sqm Chelsea Avenue site that was put together for Raptis by local development amalgamation specialists GV Property Group in early 2022.
Raptis had development approved plans for a 41-level, Archidiom-designed tower with 180 apartments.
Three-bedroom apartments dominated the plans, some 144 on offer. The remaining 36 apartments were two-bedders.
The recreation level was planned for level four, where there will be a swimming pool, residents' lounge, community living area including barbecue and outdoor dining area, gardens, a gym, sauna, and a yoga / meeting room. APG has tweaked the plans and will launch Affinity Broadbeach in late 2024.
The plans submitted to council by Raptis. Image credit: Archidiom
Raptis are still in the Broadbeach apartment market. They're soon to launch The Sterling at 6-8 George Avenue.
They recently went back to council to chop 17 levels off the tower, dropping the density from 138 apartments to 80, an even split of two and three-bedroom units.
Read more: First look exclusive: Raptis to chop 17 levels off The Sterling, Broadbeach apartments
APG's new acquisition will be another joint venture with their project partner Base Developments, who they are working with on Amaya.
Amaya is now on track for completion in late 2024 after a strong start to its marketing campaign.
Gold Coast Builders GCB Constructions kicked off the earthworks in December, and started the foundation work in January.
Read more: Amalgamated Property Group starts construction of Amaya, Broadbeach apartment tower
Nicholas Clydsdale, Senior Director of CBRE Residential Projects, said the combined strength of APG and Base Developments and their ability to commence projects without financial restrictions imposed by lenders, positions Amaya as a rare gem in the current market where buyers are seeking certainty.
