This article is from the Australian Property Journal archive
HONG Kong billionaire and Macau casino magnate Stanley Ho has played his cards right on the Gold Coast, with the Élevé apartment project within Palm Meadows in Carrara selling out the first stage.
All 61 apartments of its first stage sold for more than $15 million and settled within the 45 days of marketing.
The development has a second stage in its pipeline and is being developed by Hungtat Worldwide, linked Stanley Ho and his wife Angela Leong.
Hungtat developed The Wave tower in Broadbeach, and Sydney’s Kirribilli Grande community.
Recent Urbis research showed the Gold Coast’s coastal fringe precinct, centered around Carrara, was the most active area for the city’s apartment sales over the December quarter, recording 77 sales at an average of $537,000.
Knight Frank director Chris Litfin, who is marketing the project, said there is growing demand from residents who live in and around Carrara who want to downsize from their family homes to an apartment.
“There are plenty of people who live in the coastal fringe area who don’t want to move to a smaller apartment near the beach – they want to stay in their neighbourhood and live in a boutique building with larger apartments on a big, abundantly landscaped site,” he said.
“Carrara is known as a ‘green belt’ suburb, so projects like Élevé, which are surrounded by parklands and golf courses, appeal strongly to buyers who want a resort-style lifestyle in an area that is still highly accessible.”
Foreign buyers accounted for around 30% of the Élevé purchases.
Rental apartments in the development are achieving returns of around 6% and in some cases above 7%, with 254 applications received for the initial 33 apartments available to rent.
Australian Property Journal
