Metacap Developments has sold $20 million following the release of its $85 million Sovereign Promenade development at Paradise Point, with buyer confidence buoyed by construction of the first stage of eight villas edging closer to completion.

The development, located on the Paradise Point peninsular with views over the Broadwater and the residential enclaves of Sovereign and Ephraim Islands, has proved popular with owner occupiers looking to secure a position in one of the Gold Coast’s most sought-after lifestyle locations.

Metacap has secured buyers for seven residences, out of the 16 Villas and 12 apartments on offer. Nine apartments and 12 Villas remain for sale as construction of the first stage remains on track to be completed by March.

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Sovereign Promenade, which is positioned on a 1.08-hectare site at 149 The Esplanade, will deliver a total of 28 residences comprising a collection of luxury villas and apartments that have been designed to meet demand for spacious homes along the Paradise Point foreshore.

The five three-level villas will range in size from 320 sqm to 448 sqm. Each villa will have&nbsp; three bedrooms, three bathrooms, study, two car spaces, and a private plunge pool.

Adding to the diversity of layouts are nine two-level villas offering a similar scale of living with designs ranging from 310 sqm to 446 sqm.

The villas will stand alongside four boutique apartment buildings, each comprising three full-floor residences. Each&nbsp;apartment occupies an entire floor, between 475 sqm and 524 sqm. They have three bedrooms, three bathrooms, a media room, study, four-car parking in the basement, and a private rooftop entertaining area with a jacuzzi.

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Sovereign Promenade, which is part of the Salacia Waters Body Corporate, will deliver a range of residents’ amenities including swimming pool, gym, cinema and an entertainment- 
function hall.

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The development is within walking distance to the restaurant and dining precinct of Salacia Waters and a 20-minute walk to the retail and dining precinct at Paradise Point.

Metacap Developments Director Nick Jimenez said&nbsp;Sovereign Promenade has been created to deliver a premium residential experience.

“Due to its unrivalled location along the Paradise Point, we have ensured that Sovereign Promenade lives up to the expectations of buyers looking for the best in coastal living alongside the Gold Coast’s most exclusive residential enclaves.”

Sovereign Promenade residences range in price from $2.5 million for a villa to $4.1 million for an apartment.

“With construction of the first stage of Sovereign Promenade nearing completion, we are currently fielding a higher level of inquiry, largely from local downsizers who are familiar with the unique position of the Paradise Point peninsula and everything this part of the Gold Coast has to offer,” Jiminez added.

“As Sovereign Promenade starts to come to life, our buyers have been able to see first-hand the quality of design and inclusions in this unique collection of residences.”

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Metacap Developments appointed Coastal Custom Projects as project builder following an extended tender process, with construction beginning in December last year.

Coastal Custom Projects is project builder for the final stages of the development, with construction of the second stage set to begin in the second quarter of next year.

Stage two, comprising six apartments and five villas, is scheduled for completion in the first quarter of 2025, with the final six apartments and five villas poised to welcome residents by mid-2025.

Metacap has secured buyers for seven residences, out of the 16 Villas and 12 apartments on offer

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