Cronulla based developer Sammut Group’s $200 million luxury Gold Coast project is officially under way.
A ground-breaking ceremony with construction giant Multiplex was held at the Surfers Paradise building site on November 15.
The 37-level project named Coast, which Sammut Group is carrying out in partnership with Alceon Group, comprises 53 apartments.
Completion is scheduled for early 2025.
The site at 43 Garfield Terrace is bare following the demolition of the previous apartment building.
Sammut Group chief operating officer Julian Sammut said the start of construction demonstrated the strength of Coast at a time when many other Gold Coast projects had slowed or stalled or stalled.
Mr Sammut said only a handful of apartments in Coast remained for sale.
“The project broke records at launch, achieving an average per apartment price of $5.25 million,” he said.
“The project has drawn local downsizers wanting a lifestyle up-size; and buyers from Toorak, New Zealand, and Sydney’s Eastern Suburbs, Northern Beaches and Sutherland Shire wanting a second home.”
The 53 residences include 38 x 290sqm half-floor villas, 2 x 466sqm double-storey sky homes, 11 x 580sqm full-floor sub penthouses and an opulent 1130 sqm penthouse set over two levels and featuring a private rooftop pool and amenities.
Amenities include a 32m wet edge pool that wraps from the east to north, a yoga studio, massage rooms and sauna, function facilities, residential beach bar, breakout areas and a commercial-sized gym.
Chief executive officer Allen Sammut said he was pleased with the progress of Sammut Group’s expansion into Queensland following a run of successful projects in Cronulla, which included another development called Coast, Drift, Nautilus, Breeze, Loft, Banc and the recently launched Vue.
“We have built up a very loyal fan base who love and trust the brand,” he said.
Cronulla-based Highland Property is marketing the Gold Coast project.
Chief executive David Highland said buyers had paid upfront holding deposits of $50,000, sight unseen.
Article source: Queensland Property Investor