Prestige apartment market awakens

JUNE 2010

Prestige property is showing signs of vitality in the languished apartment sector, according to property agent Chris Litfin.

The comments follow the sale of two beachside apartments totalling more than $8 million in separate projects developed by Amalgamated Property Group (APG).

The sales were realised at two beachfront apartment projects, the $90 million Eclipse at Broadbeach and the $76 million Element at Burleigh Heads.

More than $50 million in sales have been achieved across the two projects this year. More than $27 million of these sales ranged in price from $1.65 million to more than $4 million – at an average of $3 million.

A local buyer shelled out $4.2 million for a 634 square metre penthouse perched atop Element’s beachfront tower with sweeping views over the Gold Coast. The three bedroom penthouse includes a home theatre plus study and has a private pool on the roof deck.

Another apartment has sold for more than $4 million in Eclipse, after two high floor apartments were merged to make a sprawling single residence over 400sqm. The apartment will feature a massive frontage of nearly 30m directly facing the Pacific Ocean.

“The sales demonstrate that the prestige market is healthier than what many people think, and shows particularly strong demand for beachfront boutique apartments,” says Litfin.

“We’re not only seeing more interest but we are converting sales that last year were somewhat harder even though sales continued to tick over. The signs of life are there and what’s interesting is that buyers are predominantly local or have a long affinity with the Gold Coast and have invested here in the past.”

APG is headed by Barry Morris and Graham Potts, the duo responsible for projects including Verve apartments at Broadbeach, Ivory at Burleigh Beach, Sierra Grand Residential Resort at Broadbeach and Element.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Looking for a credit or charge card that’s built for your business? Try American Express
Partner Content
A good credit card should work for you, not against you, and let you and your business ...
American Express
Advertisement

Related Stories

Going green: Investible backs eight climate tech companies through $30 million fund

Going green: Investible backs eight climate tech companies through $30 million fund

A cohort of eight innovative technology companies contributing to d...

Devine abandons Alba to upsize at Burleigh Heads with $400m Burly tower

Devine abandons Alba to upsize at Burleigh Heads with $400m Burly tower

In a sign that the heat has yet to come out of the Gold Coast prope...

Mandatory COVID isolation to end nationally mid-October

Mandatory COVID isolation to end nationally mid-October

National Cabinet has today determined that mandatory isolation peri...

Sunset on the horizon in 2023 for developer Sunland

Sunset on the horizon in 2023 for developer Sunland

A developer behind some of the Gold Coast's most iconic buildin...