This article is from the Australian Property Journal archive
CONSTRUCTION in the first stage of Multiplex Living's $350 million Cotton Beach project has started.
Cotton Beach is the largest single development project to be built on the New Tweed Coast in northern NSW and is the only major apartment project currently being developed on the New Tweed Coast with a residential zoning approval which allows owners to live there permanently.
Most developments are short-stay tourism apartments to cater for the region’s burgeoning tourism growth.
The first stage is a $120 million absolute beachfront low-rise residential resort and is scheduled for completion in mid-2008.
Stage One comprises 129 beachfront apartments to be developed over three levels in a mix of 18 one-bedroom units, 59 two-bedroom apartments, 36 three-bedroom apartments and 16 penthouses with three bedrooms and a media room or the option of a fourth bedroom.
The building will occupy the 1.6 hectare southern portion of the seven-hectare Cotton Beach site, which covers more than half a kilometre of beachfront land in the $1.5 billion Casuarina Beach township.
Multiplex Living’s managing director Tim Willing said the commencement of construction at Cotton Beach marks a high point in what has been a four-year planning and design process.
“This is a major milestone in the realisation of what will be the New Tweed Coast’s first five-star residential resort project,” he said.
The development has so far achieved sales of more than $60 million in 12 months and remaining two bedroom apartments are priced from $640,000.
Casuarina Beach is also well advanced with plans for its $650 million town centre, Casuarina Village and development is slated to commence early next year.
In addition to commencing construction of stage one at Cotton Beach, Multiplex Living will begin work on nearly $500 million in additional residential developments across Australia this calendar year, including the second stage at the $750million Portside Wharf in Brisbane, stage one at the $450 million East Quarter in Sydney and the second stage at the $1.5 billion Newport Quays waterfront redevelopment at Port Adelaide.
Australian Property Journal
