Luxury Palm Beach apartment development Ophira races to 50% sold

Buyers have made a rush at the only new off-the-plan beachfront apartment project to arrive in Palm Beach, with 5Point Projects’ Ophira selling over half of its units following its launch late last year.

Capitalising on the absence of ultra-luxury apartments in the Gold Coast's newly established millionaire's row on Jefferson Lane, the $60 million Ophira Palm Beach has successfully sold five of its entire floor residences, each fetching over $7 million.

5Point Director, Damian Dove, says it’s been a phenomenon driven by local buyers enticed by the level of luxury and space offered in Ophira coupled with the fact it is the only absolute beachfront project in Palm Beach and currently in market.

“I think the locality of buyers we’ve welcomed is a huge testament to Ophira’s appeal to discerning locals who have a deep appreciation and understanding of the projects positioning as one of the coasts’ most coveted residential addresses.” Dove said.

"Ophira is the only absolute off the plan beachfront project currently in market situated in the highly sought after Jefferson Lane precinct. Our expectations for the project were high and they have been not only met but exceeded."

Read more: 5Point to set new Palm Beach apartment benchmark with Ophira Palm Beach

Ophira Palm Beach comprises just seven full-floor apartments and a sprawling two-level penthouse.

Each full-floor residence will span between 290 sqm to 317 sqm, including balconies with uninterrupted ocean views. They will have three ensuited bedrooms, display wine storage, and a scullery off the kitchen.

Ophira’s two-level penthouse will deliver 637 sqm of internal and external living space, comprising four bedrooms, five bathrooms and its own private outdoor entertainment area featuring a pool, spa, sauna, sundeck, with teppanyaki bar, a sunken lounge and fire pit.

“As with each of our projects, we wanted to create something that differentiated itself from the market," Dove added.

"I think the sales we’ve achieved to date are a strong indication that our aptitude for quality design and remarkable architecture are resonating with buyers.

“Given the rate with which apartments have been purchased to date, we expect the remaining apartments to sell out fast.”

Construction is officially underway on the project. Prices start from $6.55 million.