This article is from the Australian Property Journal archive
OWNER occupiers and downsizers have driven $40 million worth of sales in less than a week at the second stage of Gold Coast developer Robert Badalotti’s $3.8 billion Imperial Square project in Southport.
Council approval for $650 million Monarch Place tower was won last month by Badalotti’s company Azzura. Sales to date have featured a mix of one-, two-, and three-bedroom apartments, starting from $724,000.
The majority of interest has come from owner occupiers and second home-owners, according to Badalotti.
Designed by Kris Kowalski Architects, Monarch Place will introduce the first new retail and commercial tenancies at Imperial Square, which will ultimately comprise residential, retail, commercial, and health facilities.
“Monarch Place marks a pivotal phase in our vision for Imperial Square and we are not surprised at the level of inquiry and current sales rates,” Badalotti said.
“The market in Southport has been crying out for apartments in a precinct that offer all the trappings of master-planned living.”
Monarch Place will also comprise two-storey sky homes, four-bedroom apartments, sub-penthouses with plunge pools, and luxury penthouses with private infinity pools.
Badalotti has soft-launched Monarch Place at a time of soaring prices in the Gold Coast apartment market – including a surge of more than $500,000 in the past six months – driven by low levels of supply, construction costs, and a boom of active local and interstate investors and owner occupiers looking for a seachange or holiday home.
Only two new projects yielding a total of 112 apartments launched on the Gold Coast during the March quarter, while Marquee Development Partners launched its 74-residence La Belle Palm Beach project in April. The broader Gold Coast market remains undersupplied, with just 1,396 apartments remaining for sale – the lowest level since the end of 2022, according to Urbis data.
Jason Paris, sales director of Raine & Horne Elite, said the desire for luxury amenities and the prime location in Southport had driven significant interest in Monarch Place.
“Buyers are drawn to the high-end living spaces that offer both convenience and a vibrant lifestyle.”
Residents of Monarch Place will have access to the Monarch Imperial Club, which includes a gym, sauna, indoor pool, beauty parlour, entertainment rooms, cinema, golf simulator, art studio, library, workshop, bar, and restaurant. A 1,500 sqm childcare facility will also be available on-site.
Construction on the $650 million Monarch Place will begin in the coming months.
