This article is from the Australian Property Journal archive
SOUTH Australian developer Urban Construct has marched into Queensland with $1.15 billion worth of apartment projects.
Urban Construct launched into the state with approximately 2,000 inner-city Brisbane apartments in its current project pipeline, with a further 2,200 apartments, townhouses and allotments to be delivered in the broader South East Queensland corridor over the coming years.
Joint managing director Todd Brown said the expansion in the sunshine state capitalises on a once in a generation opportunity.
“In 2010, Urban Construct identified the opportunity in Queensland to build a once in a generation pipeline in a market with strong fundamentals. Within 12 months, Urban Construct relocated its head office to Brisbane with a view to capturing this opportunity,” he added.
In Adelaide, the company completed over $2.5 billion worth of projects, delivering over 3,500 units and 80,000 sqm of commercial development.
Brown said the Queensland property market is bouncing back.
“Undoubtedly the South East Queensland property market was hit very hard by the GFC, the subsequent lack of capital and then the following floods. We’re now building from this opportunity as the market starts to rebound and confidence returns to the Queensland property sector
“Owner occupiers are now starting to take advantage of the incentives on offer and low interest rates are forcing investors out of cash and chasing yield, with residential property the preferred investment,”
Brown said the Brisbane project pipeline will build on Urban Construct’s first Queensland offering at the $1 billion Emerald Lakes development with construction due to start on a further 800 dwellings.
“Price point is anticipated to range from $350-650,000 across project locations in South Brisbane, Woolloongabba and Newstead, with pre-sales anticipated to commence in the first half of next financial year,” he said.
Property Review
