Three apartments, $41.25 million: Buyers spend big at Monaco's NALU Miami

Three buyers have spent a combined $41.25 million securing beachfront apartments at Monaco Property Group's $500 million NALU development in Miami, as the upper end of the Gold Coast apartment market continues to attract significant spending.

The largest of the three transactions was a $14.5 million sale of a ground-floor, three-bedroom apartment with 300 sqm of internal living space, a 274 sqm private terrace, swimming pool and an enclosed four-car garage.

Two further apartments on level three, each spanning 381 sqm and offering uninterrupted ocean views, sold for $13.5 million and $13.25 million.

Both feature three bedrooms with ensuites, separate media rooms, studies, butler's pantries and temperature-controlled wine cellars.

The sales come as buyers at the top end of the market become increasingly selective, according to Michael Kollosche, principal of the project's exclusive sales agency, Kollosche.

"There is no question that buyers are exercising a level of caution in the current economic environment, but what we're seeing at NALU is that confidence remains exceptionally strong for the right product," Kollosche said.

"Buyers are becoming increasingly discerning. They're taking more time to assess value, quality and long-term fundamentals, but when they identify something exceptional that cannot easily be replicated, they're prepared to act decisively."

The three transactions average $13.75 million, putting them among the more significant recent off-the-plan sales on the Gold Coast.

They also reflect a continuing trend at the upper end of the apartment market, where developers are increasingly designing larger residences for buyers coming out of substantial waterfront homes rather than traditional apartment purchasers.

At NALU, Monaco Property Group is delivering just 44 apartments on a 7,238 sqm beachfront site at the base of Nobby's headland.

The developer acquired the land for $70 million in 2024, securing a holding with approximately 80 metres of direct beachfront frontage and access from three streets.

The scale of the site has allowed Monaco to design apartments ranging from 237 sqm to more than 1,400 sqm, including rooftop residences and a collection of penthouses.

Twelve apartments will feature private rooftop terraces with swimming pools, outdoor kitchens and entertaining areas.

Kollosche said many of the buyers considering NALU already owned substantial beachfront or waterfront properties on the Gold Coast.

"One of the most important considerations for buyers moving from large waterfront homes is that they don't want to compromise on space, privacy or their ability to entertain family and friends," he said.

"They want the convenience of apartment living without sacrificing the lifestyle they've become accustomed to."

The sales team is also reporting interest from Brisbane, Sydney, Melbourne and New Zealand, with buyers predominantly seeking long-term homes rather than short-term investments.

Beyond the apartments themselves, more than 3,000 sqm of the development has been allocated to private resident facilities.

These will include two swimming pools and a bathhouse with a thermal mineral pool, cold plunges, snow room, sauna, steam room and red-light therapy facilities.

A Technogym-equipped gym, reformer Pilates and yoga studios, private lounge, golf simulator and boardroom are also planned.

BDA Architecture designed the development, with interiors by Tom Mark Henry and landscaping by LDG Landscape Architecture.

Early construction works have commenced, with G&H Civil appointed to undertake the initial works program.

With only 44 apartments in the development, Kollosche said the limited number of available floorplans and beachfront positions was influencing purchasing decisions.

"There are only 44 residences, and we're already seeing buyers miss out on their preferred apartment because someone else has moved more quickly," he said.