THE Gold Coast's newest residential 'urban village' development has hit the market, with the release of apartments in Rayjon Group's long-awaited Vantage Gold Coast project at Benowa.

Vantage is being developed by John Hembrow's company Rayjon on a 2.4ha elevated site on Ross Street, and has capitalised on a surge of inquiry for affordable apartment stock in the Gold Coast's fringe markets away from the beachfront.

The development, located adjacent to RACV Royal Pines Resort, is modelled on similar urban villages that have proved hugely popular in Brisbane and Melbourne in recent years, but have been largely absent from the Gold Coast.

It will combine apartment living with expansive open space and recreation and retail amenities.

When complete, Vantage will comprise six apartment buildings, parkland, a residents' lounge and lifestyle facilities alongside the new Coles Benowa Village shopping centre. It has been touted as Benowa-Ashmore area's first new master-planned community in more than a decade.

The first stage of Vantage comprising two towers called Dusk and Eve with a combined 59 apartments in two and three-bedroom layouts is priced from $405,000.

Rayjon general manager Jeremy Dunn says Vantage is positioned well in the Gold Coast market, thanks to the size, location and scope of the project.

"Vantage will be a signature project for the Gold Coast, within close proximity to an array of lifestyle assets that include Rosser Park Botanical Gardens, Metricon Stadium and Royal Pines Resort," he says.

"This really is a new type of development for the city. Earthworks for the first stage of the project are already under way, with a fully-fitted display built in the new sales suite where buyers will get a first-hand appreciation of the vision for Vantage and the sophistication they can expect from these apartments. "

Vantage is being marketed by CBRE's Chris Litfin, who says the development will capitalise on the strong pent-up demand for new prestige residential apartments on the coastal fringe.

"The launch of Vantage is evidence that the residential apartment market has entered an upward cycle in 2015, with sales volumes expected to remain buoyant over the coming year," Litfin says.

"Vantage is right in the heart of Ashmore-Benowa the area recently identified by Urbis Research as the Gold Coast's most critically undersupplied apartment market. We expect that many Vantage purchasers will be local residents wishing to downsize and enjoy the lifestyle and amenity this established area has to offer.

"We have already received outstanding inquiry from local market-savvy buyers who have noticed activity starting to ramp up on site, and who want to be the first to grasp this opportunity to upgrade their property and lifestyle."

Urbis senior consultant Lynda Campbell says Vantage is being released for sale at a time when all indicators point to 2015-2016 being an upward swing for Gold Coast residential property.

"This injection of quality new apartments in a key growth area is very well-timed to allow purchasers to make the most of the current climate," she says.

"There is still a shortage of brand new entry level apartments on the Gold Coast, so I would also expect people from Brisbane and interstate to find the offer of a brand new apartment in this price bracket very attractive."

Vantage Gold Coast will ultimately comprise 357 apartments to be delivered in stages. The adjoining Coles supermarket and specialty stores are due for completion in mid-2016.

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