This article is from the Australian Property Journal archive
BOUTIQUE property developer Kervale’s two Brighton apartment projects, ESSENCE and Mode de Vie, are each 50% sold despite high interest rates and shaking confidence around new builds.
Mode de Vie marks one of Brighton’s most affordable new developments, with prices starting at $597,000.
Mode de Vie, which launched in February this year, comprises just 10 residences and was a collaboration with interior designer Brahman Perera and MartinoLeah Architects.
“We believe that it is very rare to find an apartment where you can customise a residence to such an extent, at such an attainable price point, with such a strong environmental focus,” said Rob Moolan, managing director at Kervale.
Meanwhile, sales at ESSENCE since its launch in April 2022 have totalled more than $25 million, including a record-breaking suburb apartment sale of a penthouse for $10.2 million and a second penthouse for $5.57 million, or a rate of $24,500/sqm.
“Even with the increased price tag, the people buying in ESSENCE are also looking for a connection to a thriving shopping strip, communal amenities that enhance their apartment living, and spaces that enable them to express themselves. We have two very unique projects on either end of the price scale and both are doing exceptionally well in the current market,” added Moolan.
Both projects, which are currently under construction, are being privately-funded by Kervale, meaning neither require a set amount of pre-sales.
“Confidence is everything in this market and buyers are hesitant to buy off the plan if they don’t know who is building their future home, or what the timeline looks like,” said Moolan.
“Buyers want the confidence that their home will be delivered as promised and this is becoming more evident in the current economic climate.”
ESSENCE is due for completion in late 2023 and Mode De Vie is due for completion in the second half of 2024.
