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Gold Coast developer S&S Projects has upped the ante on the southern Gold Coast’s luxury apartment market with plans for its fourth project at Rainbow Bay in the past three years, taking its portfolio of projects in the sought-after Coolangatta enclave to almost $420 million.
S&S Projects, headed by Paul Gedoun, has lodged a development application for a $140 million boutique development adjacent to its $48 million Awaken project which is currently under construction.
The proposed development, which has yet to be named, will rise 13 storeys on a 1,335sqm site located at 271 Boundary Street on the corner of Petrie Street and deliver 33 apartments including eight three-bedroom penthouses and sub-penthouses.
The project adds to Gedoun’s reputation for reshaping the apartment market at Rainbow Bay, which has become a focal point for developers after a record-breaking sales run by S&S Projects.
After kicking off with the $90 million Flow residences in 2020, which set a blistering sales pace during the pandemic and a price record for the area of $3.5 million per apartment, Gedoun followed it up with Awaken and the $140 million Esprit, both of which are currently under construction.
Awaken, which secured a $9 million buyer for the penthouse, is due for completion later this year.
With his latest project, Gedoun is looking to capitalise on a spill-over of demand from his three previous Rainbow Bay projects.
Jayde Pezet, of Pezet Matheson which oversaw marketing of all S&S Projects developments at Rainbow Bay, says there is an ‘oversubscription’ of buyers for luxury apartments in the area.
“We’ve had interested parties who were not able to get into Paul’s first three projects that are waiting for more quality new product to enter the market,” Pezet says.
“S&S Projects has introduced a quality of product never seen before at Rainbow Bay and there is still very strong interest in luxury end-user focused product in the area. On that basis we’re very keen to get this project to the market subject to council approval.”
S&S Projects has enlisted Cottee Parker Architects, the design partner for its earlier Rainbow Bay developments, to bring its winning formula to its latest project.
The boutique development will comprise eight two-bedroom apartments and 17 three-bedroom apartments, as well as eight three-bedroom penthouses and sub-penthouses. Floor plans will range from 100sqm to 569sqm across the mix of apdartments.
Gedoun, a keen surfer who only took up the sport about eight years ago, first entered the Rainbow Bay market after spending time riding the waves at Snapper Rocks. His affinity with the southern Gold Coast has grown since then.
“Our confidence in the southern Gold Coast market has never been stronger, especially at Rainbow Bay which epitomises the sophisticated beach lifestyle overlooking the region’s world-famous surf breaks and close to the vibrant heart of Coolangatta,” Gedoun says.
“Our latest project in this highly sought-after precinct is inspired by the success of our previous developments and has been designed to meet the demand we continue to experience for luxury residences in this special part of the Coast.”
The latest development planned by S&S Projects comes on the heels of Sunland Group (ASX: SDG) executive duo Soheil and Sahba Abedian finalising plans for the first stage of their redevelopment of nearby Greenmount Resort which is being undertaken by their private company Arium Group.
Brisbane design firm Joe Adsett Architects also has started construction of its latest project, the $100 million Rockpool Rainbow Bay, it’s first development for the Gold Coast and its biggest project yet.
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