This article is from the Australian Property Journal archive
DEVELOPER SPG Land has sold out the first release of apartments at its Paradiso Place project on the Gold Coast to the tune of $160 million.
All 150 apartments in stage one of Tower 1 have been sold, opening up the early release of 106 apartments in stage two of Tower 1.
Tower 1 is the first of three residential towers at the $940 million Paradiso Place, which will be built on an 11,483 sqm whole-city block between Surfers Paradise Boulevard and Ferny Avenue at the northern end of Surfers Paradise.
The quality of the development and apartments, extensive five-star resort lifestyle amenities and desirable location one block from the beach are reasons for the sales, according to Total Property Group managing director Adrian Parsons, from the apartment marketing agency.
“We haven’t seen this level of demand in over two decades and the Gold Coast property market is showing no signs of slowing down.
“Limited apartment stock available and the continued growth of Gold Coast with its lifestyle and close proximity to a capital city attracting a steady influx of interstate migration is motivating buyers to act quickly.”
Those factors have led to Gold Coast apartment supply plummeting to record lows this year.
The $110 million stage two of Paradiso Place consists of 106 apartments, including 11 one-bedroom apartments starting at $591,000, 68 two-bedroom apartments from $842,000, 19 two-bedroom plus multipurpose room apartments beginning at $1,262,000 and eight three-bedroom apartments from $1.6 million.
The 150 apartments sold within stage one were made up of 21 one-bedroom and 92 two-bedroom apartments, 13 two-bedroom plus multipurpose room apartments and 24 three-bedroom apartments.
Buyers from NSW accounted for 39% of the sales, followed by buyers from Queensland (32%), Victoria (21%) and other parts of Australia (5%), with 3% coming from overseas.
Facilities on the level two podium include an all-day dining restaurant and three swimming pools, including a large central feature lagoon pool with swim-up bar. The entirety of level 26 within Tower 1 is dedicated to co-working spaces exclusive to tower residents, and there is a retail and dining precinct at ground level.
SPG Land Deputy CEO Eric Chan says the development team is pleased that Paradiso Place, designed for owner occupiers, has been so well received by Australian buyers.
“Today’s owner-occupiers expect smart living and Paradiso Place has incorporated a fully-integrated smart home platform across the new luxury masterplan development, creating a smart community for seamless connectivity and convenience.
Smart home technology gives residents full control over their apartment while at home and remotely via an app that can be used to book the building’s facilities and communicate with the building management team.
Ceiling heights across Tower 1 include 2.95 metres for living areas and 2.65 metres in kitchens in all apartments, the residents’ lobby and in the level 26 co-working spaces have 5.2-metre ceilings, and the level two podium facilities have a 4.65-metre ceiling height.
