Spyre Group has sold out their fourth development on the Gold Coast before completing the showroom as buyers flock to the region.
The Greenmount project recorded a sizeable $7.1 million sale to a local buyer who amalgamated the top penthouses of the 12-storey development.
The majority of the buyers had a connection to the area with 55 per cent from south-east Queensland and northern NSW, 42 per cent from Sydney, Newcastle and Melbourne and one buyer from Singapore.
The Bureau Proberts-designed Cala Dei comprises 31 apartments including two sub penthouses and two penthouses to be built at the Komune Resort site on 144-146 Marine Parade, Coolangatta.
▲ Spyre Group’s Cala Gai development in Greenmount is a luxury boutique offering that sold out within four weeks.
The group purchased the site earlier this year and scaled down the 2017 plans for a 27-storey development on site by the previous owner.
Spyre director Andrew Malouf said they decided to make the new building’s footprint similar to the existing one and it performed better than expected.
Malouf will be talking about the boutique boom during The Urban Developer’s Residential vSummit on Thursday, 27 May.
“We were confident that the project would be well received by the market, but a four week sell out certainly isn’t something we expected, it was a very pleasant surprise,” he said.
“It’s definitely solidified our commitment to the Gold Coast.
“Due to the nature of Cala Dei’s sell out we have proceeded to acquire a further two beachfront sites that we intend to launch in the second half of this year.”
This adds to the Brisbane-based developer’s portfolio of Gold Coast towers including the $79 million Elysian, $77 million Natura and $25 million Maya; most of which sold during the height of the pandemic.
Interest in the Gold Coast market has created a geographical boom with Corelogic reporting house prices were up 16.6 per cent and units 11.9 percent while rents increased 10.0 per cent.
Article Source: www.theurbandeveloper.com
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