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Gold Coast’s off-the-plan property market is booming with numerous projects achieving record sales amid COVID-19.
There remains a very strong market awareness and interest in the finite supply of waterfront land on the Gold Coast, said Keylin executive Louis Cheung.
The sale of Serenity 4212, a joint venture from development groups <a href="/developers/keylin-group?utm_source=PropertyObserver%20" target="_blank">Keylin</a> and Kinstone and the last waterfront land project on the northern Gold Coast, "defied" the market as the city’s best-selling land estate.
The $650 million waterfront project revealed $55 million in land sales during the pandemic, with 75 of Serenity Waters’ 110 blocks sold to local and interstate buyers.
The sales result, which includes first home buyers taking advantage of up to $40,000 in government incentives, comes as Serenity accelerates its construction program.
A number of luxury, off-the-plan apartment projects across the Gold Coast have achieved high interest.
Such projects include the $74 million <a href="/buildings/flow-residences-rainbow-bay-1-petrie-street-rainbow-bay">Flow Residences at Rainbow Bay</a> by S&amp;S Projects and Spyre Group’s $77 million <a href="/buildings/natura-burleigh-heads-112-the-esplanade-burleigh-heads">Nature project at Burleigh Heads</a>.
Serenity Green received over 350 enquiries in just three weeks and deposits for a third of the townhomes on offer.
The Serenity Green, a collection of 60 four-bedroom, two-bathroom, were priced from just $489,000.
Kinstone’s James Chou said Serenity 4212 will become an exciting multi-year, multi-staged master-planned project which will include retirement living, additional townhomes and a mini marina precinct.
“We’re proud of the success of Serenity Waters and Serenity Green and look forward to continuing to develop this emerging community over the coming years,” said Chou.
First settlements of the land release in Serenity is set to occur towards the end of this year.
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j.ballantyne1990-6AQqhLzZaK

Gold Coast's off the plan property market activity booms amid COVID

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Investor activity has certainly reduced on the Northern Beaches as many local suburbs have a strong reliance on the Tourism and Retail sectors, according to a recent Herron Todd White (HTW) residential report. 
The report notes the unit markets in Manly, Fairlight and Balgowlah have seen the biggest reduction in activity, having the largest drop in weekly rents and higher vacancy rates. 
It noted SQM Research indicated weekly asking rents for units in Fairlight have been slashed from $895 in February 2020 to $690 as of July 2020. 
"Capital values have not declined at similar levels thus reducing potential yields," the valuation firm said. 
A recent example of this reduction would be <a href="https://www.realestate.com.au/sold/property-apartment-nsw-fairlight-120102621" target="_blank">1/40 Rosedale Avenue, Fairlight</a> (pictured above), the report noted. 
This two-bedroom, one-bathroom unit was recently leased for $600 to $620 per week after being previously leased for $745 per week in 2019.
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Investors range from local, out of towners and international buyers.
 Australia has performed quite admirably against COVID-19, particularly when benchmarking against other countries.
"A number of agents have noted stronger activity, particularly for housing, from international buyers and expats," the valuation firm said. 
 As the uncertainty in the global markets make the Australian property market a relatively safer investment, and many expats are looking to re- enter the market as an investment that they can turn into their family home should they need to return home.
A recent example of this would be <a href="https://www.realestate.com.au/sold/property-house-nsw-balgowlah-133811254" target="_blank">139 Woodland Street, Balgowlah </a>(pictured below) sold for $2.88 million in July through Cunninghams Real Estate with an original asking guide of $2.75 million, the report noted. 
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The report suggests investors have traditionally been attracted to new units as their investment vehicle thanks to their lower entry price point than houses, location to essential services and low maintenance compared to a detached house in the suburbs. 
However investors must proceed with caution with many cases of settlement valuations not meeting the original price paid off the plan. This can occur years after the initial purchase has been agreed upon.
"If you have concerns, our advice is to engage an independent valuer to provide a valuation on the property," the valuation firm said. 
An example from Sydney’s central west is <a href="https://www.realestate.com.au/property-apartment-nsw-lidcombe-133603762" target="_blank">114/9 Paddock Street, Lidcombe</a> (pictured below), a 2 bedroom 2 bathroom unit which sold off the plan in March 2017 for $810,000 however has now relisted with an asking price of $700,000 to $750,000.
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Given the amount of proposed units to be built in the local area and the current market conditions this trend will no doubt continue in the short term, the report noted. 
In comparing rental returns of one and two-bedroom units, one-bedroom units in Parramatta have shown a higher annual return than their two-bedroom counterparts, as shown in the table below.
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In the south, units in Mortdale and Oatley are still providing reasonable rental returns whilst vacancy rates in these suburbs have remained reasonably low compared to neighbouring suburbs along the railway line, which have had a greater supply of new units into the market. 
According to SQM Research, the vacancy rate in June for the Mortdale/Oatley postcode was 1.7 per cent, compared to 4.9 per cent in the Penshurst postcode and 4.7 per cent in the Hurstville postcode.
A two-bedroom, one-bathroom, unit with one-car garage, recently sold in Rosa Street, Oatley for $700,000.
 The 1960’s ground floor unit, with a dated but well maintained fit out, positioned within short walking distance to Oatley village shopping, cafes and railway station. 
The unit was leased to a long term tenant for $520 per week, providing a rental yield of 3.9%.
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Investor activity shrinks on the Sydney Northern Beaches: HTW residential 

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Sydney’s newest urban master-planned community, Wilton Greens, has secured 105 land sales valued at $30.8 million.
Developed by Risland Australia, the sales occurred within three weeks of the project’s launch, making it one of the fastest selling in New South Wales.
Located within Sydney’s south west growth corridor in the Wollondilly area, the Wilton Greens will comprise 3,600 land parcels spanning 433ha.
The project will be New South Wales’ first major master-planned community, following Risland’s successful launch of Windermere Estate located in Victoria’s Mambourin, two years ago.
Wilton Greens will eventually be home to over 12,000 residents, comprising schools, a shopping precinct, community facilities, transport links and green open spaces.
Prices ranged from $239,999 to $372,500 with land sizes between 275sqm and 540sqm.
“The masterplanned design, affordable price point, range of land parcel types and development approved land drove early results in Wilton Greens”, said Wilton Greens sales manager Damian Hogan.
The community is planned to have eight ‘villages’, each with a green open area at its heart, distinct native landscaping and wide home frontages
It is located at the gateway in the south west with Picton, Campbelltown and Wollongong all within easy reach.
Construction is expected to start in November 2020.
Risland Australia, formerly known as Country Garden, recently developed<a href="/news/watpac-delivers-country-garden-australia-s-first-project"> </a><a href="/buildings/ryde-garden-27-37-delhi-road-north-ryde">Ryde Garden</a> in Sydney’s North Ryde. 
The <a href="/news/watpac-delivers-country-garden-australia-s-first-project">$580m residential development</a> comprises 830 apartments across three high-rise towers.
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Sydney's newest master-planned community Wilton Greens secures $31 million in sales

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Construction has commenced on a $46 million build-to-rent apartment project in Melbourne’s inner north suburb of Brunswick, developed by Pelliocano.
Designed by 6-Degrees Architects, the 70-apartment project, Solarino House, will comprise one, two and three-bedroom apartments, a communal rooftop and ground floor retail.
<a href="/developers/pellicano-group?utm_source=PropertyObserver" target="_blank">Pellicano </a>will offer a mix of short-term, long-term arrangements, with hotel-style services including dry cleaning, apartment cleaning and share cars.
The build-to-rent sector aims to address Australia’s affordable housing crisis by offering flexible leasing options and shared spaces.
Pellicano has also introduced a cloud-based app, Pellicano Connect, to keep its members engaged, informed and connected.
The group, which was founded in 1967 by brothers Frank and Nunzio Pellicano, has an established portfolio of build-to-rent projects including a recent development in Brisbane’s Wynnum West.
The townhouse project, <a href="/buildings/arbor-park-2037-wynnum-road-wynnum-west">Arbor Park</a>, is comprised of 67 dwellings located at 2037 Wynnum Road.
“Build-to-rent is a model we’re committed to as a business off the back of these projects. We want to keep pushing the envelope in terms of the level of service we offer our members”, said director Nando Pellicano.
The family’s wealth is now estimated to sit at $285 million by the BRW Rich List in 2014.
Solarino House will be delivered under Pellicano’s ‘Pellicano Living’ banner.
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Construction starts on Pellicano's build-to-rent Solarino House in Melbourne

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There are 1,160 auction scheduled across Australia this weekend, up from just over 700 during last weeks long weekend, according to SQM Research data.
They found auction volumes in Sydney are set to reach 739, with the busiest suburbs being Mosman, St Ives, Surry Hills (11), Paddington (12) and Wahroonga (14).
Melbourne's auction numbers remain strikingly low at just 64 this weekend. This is lower than some of the generally 'smaller' auction markets with Brisbane reaching 85 and Canberra barely squeezing out ahead at 68 scheduled auctions.
<img src="https://www.urban.com.au/images/2020/10/8/CL%20OCT%208%20AUCTION%20GRAPHIC.PNG" alt="">
Across the other auction markets Adelaide is host to 45 auctions this weekend while Darwin has just one and Hobart zero.
Darwin is the only capital city with more auctions scheduled for the rest of the week than for Saturday, according to SQM which noted that they have 4 properties set for the hammer later next week.
<img src="https://www.urban.com.au/images/2020/10/8/SQM%20OCT%208%20AUCTION%20GRAPHIC.PNG" alt="">
One property set for auction in this weekend's busiest suburb is 49 Grosvenor Street, Wahroonga, (pictured in title).
The six bedroom, five bathroom abode sits on a 1,900 sqm block of land.
This custom-designed tri-level residence is described as the "epitome of a luxury lifestyle".
<img src="https://www.urban.com.au/images/2020/10/8/Wahroonga%202.PNG" alt="">
Another example of the spread of properties set for auction in Wahroonga is 515/2C Munderah Street (pictured above).
The two bedroom, two bathroom apartment is located on the first floor of the Lexington.
It comes with a $775,000 price guide.
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October auction volumes rebound from long weekend property hiatus

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The NSW Government’s planning system acceleration program has fast-tracked approval on a $64 million construction project in Redfern.
Located in the heart of the suburb, the new 18-storey building will be home to more than 400 students and create 240 construction jobs, said Minister for planning and public spaces Rob Stokes.
The building will include Aboriginal artwork and creative open public spaces.
“This is another example of a major shovel ready project being given fast-tracked approval to keep the NSW economy ticking throughout the pandemic,” Stokes said.
The Redfern development is one of 11 projects in the sixth tranche of the NSW Government’s acceleration program.
To date, the program has created more than 50,000 direct job opportunities.
As the NSW Government steers to make affordable student accommodation a priority, many projects are popping up in the <a href="/developments/redfern-nsw-2016">Redfern area</a>.
In June, Singapore-based developer <a href="/developers/wee-hur-holdings-ltd?utm_source=PropertyObserver" target="_blank">Wee Hur Holdings</a> announced plans to create its second student accommodation facility in Redfern. 
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NSW Government fast-tracks student accommodation in Sydney's Redfern

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Singapore-based developer Wee Hur Holdings Ltd has announced the launch of Y Suites, the brand of their Australian purpose build student accommodation (PBSA) portfolio.
Y Suites’ portfolio will include 5,609 beds across their seven projects in various stages of development in Sydney, Melbourne, Canberra, Adelaide and Brisbane.
The first property to be launched, <a href="/news/adelaide-primed-for-two-telling-new-developments?utm_source=PropertyObserver" target="_blank">124 Waymouth Street</a>, which was purchased for $9.275 million, will be Wee Hur’s second PBSA in Adelaide.
Operational from January 2021, the residence will include 811 rooms.
<a href="/developers/wee-hur-holdings-ltd?utm_source=PropertyObserver" target="_blank">Wee Hur Holdings’</a> focused PBSA portfolio includes two operational residences run by student accommodation operator UniLodge.
Y Suites will partner with UniLodge under a white-label arrangement, which will see it as the strategic brand driver for marketing, sales and reservations.
The two operational PBSAS, Unilodge Park Central at Brisbane and Unilodge City Gardens in Adelaide, are currently operating under UniLodge branding.
Both buildings will operate under Y Suites in 2021 with UniLodge continuing with property management.
The remaining four PBSAs in the Wee Hur portfolio are scheduled to be operational between 2022 and 2023.
One of which includes the under-construction <a href="/news/profiling-the-next-wave-of-melbourne-student-accommodation-builds?utm_source=PropertyObserver" target="_blank">Y Suites on A’Beckett in Melbourne</a>, which will have 888 rooms upon completion.
Executive chairman Goh Yeow Lian said he was happy to see the birth of Y Suites after it was conceptualised one year ago.
“We have built up a sizable PBSA portfolio in Australia since we embarked on this business 5 year ago, and developing our own brand was a logical next step for us,” Lian said.
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Wee Hur launches new student accommodation brand Y Suites in Adelaide

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Despite mounting speculation about the possibility of another cut, the RBA announced that it will hold the cash rate at 0.25% at its October meeting.
In this month's Finder RBA Cash Rate Survey™, 40 experts and economists weighed in on future cash rate moves and other issues related to the state of the Australian economy.
The decision coincided with the unveiling of the federal budget for 2020-2021, in which the government has detailed how it intends to steer the nation out of its first recession in 30 years.
Despite the October rate hold, 22% of experts (9/40) predict that a cut could still be on the cards in November.
Graham Cooke, insights manager at Finder, said that a standalone cut of 15 basis points is unlikely to have much of an impact on Australia’s economy.
“The cash rate has fallen by 125 basis points over the last year and a half– 15 more is unlikely to make much of a difference beyond making the RBA feel like they are at least doing something.
“The decision to hold the rate for now also suggests that the RBA wants to assess the budget in detail before making a decision about further moves,” he said.
Susan Mitchell, CEO at Mortgage Choice, agrees, stating that while the RBA has hinted at a rate cut, it would be unlikely to do so today.
“Although a case could be made for a cut this month, I think the RBA will keep the cash rate unchanged at its October monetary policy meeting.
“Board members will wait to digest the Federal Budget announcement before making their next move," Mitchell said.
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RBA held but November rate cut expected: Finder

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The Federal Court has ordered iSelect to pay $8.5 million in penalties for misleading consumers comparing energy plans.
Between November 2016 and December 2018, iSelect misled consumers by representing on its website that it would compare all electricity plans offered by its partners and recommend the most suitable or competitive plan.
However, its commercial arrangements with partner electricity retailers restricted the number of electricity plans those retailers could upload.
The recommended plans were therefore not necessarily the most suitable or competitive.
The ACCC instituted proceedings against iSelect in April 2019 as a result of this conduct.
“iSelect was not upfront with consumers that it wasn’t comparing all plans offered by its partner retailers”, ACCC chair Rod Sims said.
“In fact, about 38 per cent of people who compared electricity plans with iSelect at that time may have found a cheaper plan if they had shopped around”, he said.
The comparison service also admitted that, due to an error in its website and call centre code, some of the plans it recommended to almost 5,000 customers was underestimated by up to $140 per quarter.
According to the Court, iSelect, who received commissions from the retailers when those consumers selected a plan via iSelect, was responsible for ensuring that their algorithms were correct.
“This is particularly so when they generate significant revenue in commissions from those recommendations,” Sims said.
iSelect admitted liability and made joint submissions with the ACCC to the Federal Court consenting to the orders sought, including penalties.
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iSelect cops $8.5 million fine for misleading energy rates

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TOGA has announced the construction completion of The Hunter, its luxury five level residential development in Sydney’s Double Bay.
With 100 per cent of settlements completed, the first residents at the development have moved into their new homes, across a range of one, two and three-bedroom apartments.
And its first resale has hit the market.
It's the three bedroom sub-penthouse which was bought for $4.75 million off the plan in 2016.
The sale fell within the $4.7 million - $5 million price expectation of Laing + Simmons agent Steven Zoellner.
Spanning 180 sqm, the apartment on the fourth floor north east corner has been listed to go under the hammer October 19.
Domain puts Double Bay's three bedroom apartment median price at $3.088 million, a tad higher than realestate's $2.96 million median.
A first floor two bedroom apartment in the block, which traded for $2.9 million in May, recently sought tenants at $1,650 a week. 
Designed by Sydney-based architects Cottee Parker JPRA, the $50 million Cross Street complex has 13 apartments with an as yet unoccupied retail offering on the ground floor.
<img src="https://www.urban.com.au/images/2020/10/8/toga.png" alt="">
The development sold within two weeks of being put to the market<a href="/expert-insights/buying/toga-sells-out-the-hunter-at-double-bay"> in late 2016</a>. Construction had been scheduled to commence in mid-2017 with completion initially set for early 2019.
Fabrizio Perilli, chief executive of TOGA, said the residences are an example of modern luxury living.
“We’ve had a very positive response from resident’s moving in who love their new homes and have already seen an increase in the value of their property since their purchase”, Perilli said.
“Delivering The Hunter to the highest standards, within the context of COVID-19 is a testament to our team and our integrated property capability.”
TOGA paid just over $11.2 million for 16 and 18 Cross Street site consolidation in early 2015.
Construction of TOGA’s newest mixed-use communities, <a href="/buildings/surry-hills-village-redfern-6-14-baptist-street-redfern-nsw-2016">Surry Hills Village</a> and <a href="/buildings/wicks-place-marrickville-186-victoria-road-marrickville-nsw-2204">Wicks Place Marrickville</a>, are set to start in the first half of 2021.
TOGA was founded by Ervin Vidor in 1963.
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TOGA's The Hunter in Sydney's Double Bay now complete

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

Joel Robinson

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

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Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

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Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

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Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

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SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

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<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

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Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

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According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

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The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

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Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

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While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

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"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

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