This article is from the Australian Property Journal archive
QUEENSLAND builder-developer 5Point Projects has acquired more beachfront land in Palm Beach, paying $15.6 million for a double block that it will use for a new ultra-luxe apartment project.
The two sites at 171 and 173 Jefferson Lane cover more than 824 sqm, with 20 metres of absolute beach frontage.
5Point’s has built several projects in Palm Beach over the past nine years and is currently constructing its $60 million Ophira project near the Palm Beach Surf Life Saving Club, where apartments have been selling for an average of $7 million.
Damian Dove, managing director of 5Point Projects, said the latest purchase was part of the company’s ongoing belief in Palm Beach as one of the Gold Coast’s prestige beachfront hotspots.
“We are thrilled to be continuing our journey in Palm Beach after the success of Ophira which has captured strong interest from downsizers wanting to live on the beachfront,” he said. At present there are two remaining apartments in Ophira. Construction is well underway with basement works now completed.
Dove said 5Point Projects is currently working up plans for its newly acquired site but confirmed a boutique luxury apartment project in line with its brand was in the mix.
“We’re working with our architects and planners to create something special for the site and we hope to release these soon.
“We expect to launch the new project later in the year.”
5Point Projects’ acquisition comes as Marquee Development Partners’ La Belle Palm Beach project achieved more than $100 million in sales in less than two weeks since its launch.
Located at 332 The Esplanade, La Belle Palm Beach will span 14 levels and comprise 75 beachfront apartments in three-, four-, and five-bedroom layouts and five double-storey beach homes. Sale prices range from $2.5 million to $7 million
Gold Coast apartment launches were down by 68% to 1,000 in 2023, while completions inched upwards to 1,500, according to Charter Keck Cramer. The 2024 to 2026 period is expected to see elevated completions at 2,400 per annum.
