Sydney developer Sammut Group has broken ground on its debut Gold Coast project, the $200 million COAST tower, with a message for the market that demand is still running hot in Australia’s premier lifestyle market.
Construction giant Multiplex has kicked off construction of the six-star development in Surfers Paradise after a sales blitz that saw buyers pay an average of $5.25 million for apartments during the launch last year.
The developer says just a ‘handful’ of the 53 apartments are available for sale after racking up $110 million in sales in the first three weeks of the launch representing more than half of the available apartments.
Buyers have included local downsizers as well as interstate and New Zealand buyers looking for a second home. Buyers from Toorak in Melbourne and from Sydney’s eastern suburbs, northern beaches and Sutherland Shire are among the interstate parties that have secured apartments. The Sutherland Shire is where Sammut Group cut its teeth in luxury coastal developments over the past 15 years.
According to Highland Property CEO David Highland, some buyers paid an upfront holding deposit of $50,000 for apartments sight unseen.
“The strength of the Sammut Group brand, and the implicit quality that comes with that has been a major selling point, in addition to the extraordinary absolute beachfront location,” says Highland.
Sammut Group’s chief operating officer Julian Sammut says the construction start is a defining milestone for the project amid the challenges that have seen some Gold Coast projects stalled.
“This is a great moment for the project, the many buyers who have been quick to be part of this opportunity, and for the Gold Coast,” Summut says.
“We have secured a fantastic partnership with Multiplex, who have an exceptional record of premier projects, which is what we demand for COAST.”
The COAST project, a partnership between Sammut Group and financier Alceon Group, is taking shape on a beachfront site in Surfers Paradise at 43 Garfield Terrace.
The 37-level development is scheduled to be completed in early 2025, delivering what Sammut Group describes as ‘six-star luxury’.
All apartments are above-average size with 38 of the 53 residences on offer comprising 290sqm half-floor villas. COAST will also deliver two 466sqm double-storey sky homes, 11 full-floor sub-penthouses of 580sqm each, plus a 1,130sqm penthouse over two levels with its own private rooftop pool and amenities.
Multiplex regional director Glenn Robinson says COAST is among the most upscale developments the company has ever undertaken on the Gold Coast.
“This is a higher end product than anything else we’ve delivered on the Gold Coast with its beautiful architecture, joinery and stonework,” says Robinson. “It will really challenge anything else available on the coast in terms of quality.”
Multiplex’s recent portfolio in south-east Queensland includes the second tower of The Star’s Destination Gold Coast precinct and the Jewel towers on the Gold Coast, and Brisbane’s Queens Wharf development and the W Hotel Brisbane.
Sammut Group was established in 1993 by Allen and John Sammut, who were inspired by their father Paul’s 40-year in residential development.
CEO Allen Sammut says the company’s decision to expand into Queensland following a run of award-winning projects in Cronulla has been affirmed by the sales success of COAST.
“We have built up a very loyal fan base who love and trust the Sammut Group brand and what we stand for and their keen interest in our first Gold Coast development is evidence of that,” says Sammut.
Sammut Group currently has a development pipeline of about $1 billion across multiple projects including high-end residential, commercial, hospitality and retail developments in NSW and Queensland.
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