Which Gold Coast apartment developments are being fast-tracked due to strong sales?
The booming Gold Coast market is seeing apartment developers, flush with a flurry of quick sales, fast-tracking the proposed construction date of their new developments.
Cabana at Palm Beach, the luxury six level absolute beachfront block at 1 Nineteenth Avenue from Ignite Projects, is now expected to commence construction as early as June, having seen 23 of its 34 apartments sell within two weeks of its launch.
They sold for a combined $52 million, an average price of $2.26 million.
The Plus Architect-designed apartment building is now slated for completion in late 2022, rather than early 2023.
Now Gold Coast developer Azzura are looking to fast-track construction of the first stage in their $2.3 billion Imperial Square development in Southport.
Part of the project will be a 108-level tower, set to be one of Australia's tallest buildings.
Azzura have seen over $22.5 million in sales since launching the Regal Residences which comprises 145 apartments and 200 hotel suites in an 18-level tower. 53 of the apartments have sold, with a further 15 reserved by potential buyers.
Construction will now start in the coming months, with Azzura reserving a further 15 apartments for exclusive potential buyers.
Azzura’s sales director Jason Paris says if apartment sales continue at the current pace, all remining apartments could be sold within the next six to eight weeks.
“We’ve experienced a solid pace of inquiries for apartments in this debut offering at Imperial Square since January,” said Mr Paris.
“Local buyers have included a mix of first-home buyers and downsizers, all looking for the lifestyle this central location has to offer.”
Interstate buyers account for about half of the sales which have been struck at an average price of $425,000 as buyers take advantage of the project’s incredible value.
“Many of these buyers have sought a solid investment that will deliver a positive cash flow, which is supported by a shortage of quality properties in central locations on the Gold Coast,” said Mr Paris.
“Some of the buyers plan to spend the winter months in their Regal Residences apartment and rent it for the rest of the year. Others plan to rent it for two or three years before eventually retiring on the Gold Coast.”
Regal Residences presents buyers with a choice of one-, two- and three-bedroom apartments.
Residents will also receive an Imperial Cub membership, including a complimentary stay for a week over five years for a friend or relative in the Regal Residences hotel. Membership includes valet parking and discounted prices at bars and restaurants in the development.
