Downsizers Snapping Up Gold Coast Luxury
Gold Coast developers with proven track records, the ability to access construction finance and strong ties with builders have banked tens of millions of dollars in luxury apartment sales in the past two months, despite challenging conditions.
At Rainbow Bay, near Coolangatta at the southern end of the Gold Coast, developer Paul Gedoun’s S&S Projects has recorded $40 million of sales in just two weeks since launching the luxury offering Radia. These sales are equal to nearly a quarter of the 38 premium apartments on offer.
The $200 million development offers two-bedroom apartments from $2 million up to $13.5 million for dual-level penthouses. Construction is expected to begin the end of the year.
“It’s a tough market, buyers are very particular about what they are looking for. It’s a flight to quality,” Mr Gedoun told The Australian Financial Review.
“There are a lot of projects that have hit roadblocks whether it’s construction cost issues or finance issues. There is also a limited number of builders available,” he said.
Mr Gedoun put S&S Project’s sales success down to being able to deliver on every promise to date and complete high-quality projects. The developer has a half-billion-dollar pipeline of developments at Rainbow Bay.
“We’re ready to build right now, we’re in negotiations with a builder that we will finalise in the next few weeks, and we’ve secured finance from a big four bank,” he said.
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