Pikos advance construction at Kangaroo Point apartment development, Skye Residences
Veteran Brisbane developer Pikos is pushing ahead with its $300 million Kangaroo Point clifftop apartment development, Skye by Pikos.
Major excavation works have been completed by local South East Queensland builder Tomkins Commercial, with the basement car park, which will home 165 vehicles, now dug out at the dress circle River Terrace address.
The basement carpark excavation, which began in mid-December last year, saw three excavators, including a 40-tonne rock breaker, remove 24,000 cubic meters of earth and rock to reach the required 12.3-metre depth.
Pikos Group managing director Pedro Pikos said it was a major milestone in the building process.
“It has been a major undertaking and a sure sign that this landmark development is moving forward to redefine residential living in Brisbane,” Pikos said.
Pikos, who founded the development company in Darwin in 1989 before shifting operations to Brisbane in the early 2000s, said premium apartments are currently well sought-after in the Queensland capital.
“Despite constrained supply, the demand for premium residential apartments remains strong as evidenced by outstanding off the plan sales for Skye,’’ Pikos said.
“In a climate where many other residential builds have been put on hold, the ones that are progressing are the ones in the best positions with premium offerings and world-class appeal."
Skye, on a vast 2,3000 sqm site at 8 River Terrace above the Kangaroo Point cliffs, will see three Conrad Gargett-designed towers which will home 68 luxury apartments.
Residents will get exclusive access to the 1,000 sqm sky deck which will home an infinity pool and a rooftop leisure and restaurant precinct.
All apartments feature uninterrupted views of the Brisbane City skyline, South Bank, the Botanic Gardens and the Brisbane River.
Construction is slated for completion in 2025.
Construction of new apartment projects in Brisbane had plummeted by nearly 90 per cent since the 2015/16 peak, marking the lowest levels in a decade.
The Queensland capital is also experiencing the lowest apartment completions since 2010 with only 1,300 apartments completed in 2022, down from a peak of 11,000 in 2016.
