This article is from the Australian Property Journal archive
THE $165 million luxury development Marella by Mosaic on the Gold Coast has sold $94 million worth in residencies in just a matter of weeks.
Construction is set to commence ahead of schedule on the Broadbeach property as a result of the rapid-fire sales, with Mosaic Construction beginning their work in January. Works are tipped to be completed by the early stages of 2025.
Marella’s pricing ranges from $1,875,000 for a 3-bedroom plus multi-purpose room and $835,000 for a 2-bedroom room while a 4-bedroom penthouse sold for $4,150,000.
Marella is in a desired location, situated in a quiet area of Broadbeach opposite Nikkifiorides Park and sat above views of the Pacific Ocean. Its high luxury standards means the hotel is set to possess a number of high-quality amenities set to be delivered by Mosaic’s partner for the second occasion, Plus Architecture. Marella’s quick sales have almost mirrored the success that Mosaic had with Plus Architecture on their first project – Dawn by Mosaic in Mermaid beach which sold out in record time.
Mosaic has been establishing a big footprint on the Gold Coast with Marbella becoming their ninth luxury release in an extraordinary 3.5 years with a combined value of $700 million. Seven of these are sold out and either already completed or currently under construction.
Founder and managing director of Mosaic Brook Monahan didn’t doubt how buyers would respond to the new release despite recent market concerns, with Mosaic proving to be reliable, efficient and desired from consumers.
“There is no doubt that there are fewer buyers out there right now. Consumer sentiment has been impacted by the persistent negative chatter about the state of the market and rapid escalation in interest rates,” Monahan said.
“On top of this, labour shortages and material costs are still massively impacting the industry. But ultimately, our unique ability to control all aspects of delivery which critically includes having our own construction arm, means we are well placed in this type of environment”
“Only trusted brands with proven track records of delivering through all phases of the property cycle are likely to have the ability and capacity to steer themselves successfully in these very challenging conditions.”
“We are fortunate to be considered amongst this group due to our robust investment in building a brand founded on quality and delivering on the promises we make to our clients.”
“We have never failed to deliver a project we have put to market, and we continue to experience an extremely loyal following of our brand by an increasing pool of qualified buyers who, in many cases, will only buy from Mosaic.”
