This article is from the Australian Property Journal archive
MALAYSIAN developer MRCB International is making its Queensland development debut, taking expressions of interest for a 51-storey Surfers Paradise tower that will be home to 280 apartments and six townhouses.
MRCB received the green light for the 26 Vista project in September.
Located on Vista Street and designed by local architecture firm DBI Design, the tower covers just 30 percent of the 3,100 sqm site, and is orientated to the east to take advantage of its proximity to the ocean and access to sunlight and ocean breezes, while maximising views towards the river, hinterland and beyond.
Construction is scheduled to commence on 26 Vista in the third quarter of 2023, with the project scheduled for completion in 2026. Registration of interest is now open, with one-bedroom apartments starting from $600,000, two-bedroom apartments from $875,000, and three-bedrooms from $1.8 million. A limited selection of townhouses and penthouse are also available.
The tower will include 322 car spaces and is next to the Northcliffe light rail station.
Amenities will features a well-being precinct with a spa, gym, outdoor yoga space, pool, sauna and steam room and a residents lounge, while a secondary residents lounge, as well as the second-tallest public observation deck on the Gold Coast on level 51, are surrounded by an rooftop garden.
An array of EV charging ports will future-proof the development, while a proposed EV car share service would be the first on-site service of this kind on the Gold Coast. Other sustainable initiatives include all residences featuring ultra-efficient V-Zug appliances, as well as apartments designed to benefit from natural heating and cooling so as to reduce air-conditioning usage.
“We noticed the growth in interstate migration to the Gold Coast from the southern states, and the high demand within the region. This, coupled with the forecasted lack of dwelling supply, drove our decision to invest in Surfers Paradise,” MRCB International CEO, Ravi Krishnan said.
“The fact that the site that we purchased was in an enviable location influenced the decision.
Earlier this year, Gold Coast apartment supply fell to just 411 – the lowest on record, according to Urbis – and while new developments being released to the market lifted the figure to 875 in June quarter, this still represents only five and a half months of supply, Colliers and Urbis estimate.
“Inevitably, the Gold Coast will continue to grow as a region. The trend for footloose industries to locate themselves in areas with beautiful weather, tourism opportunities, and solid employment, have meant we couldn’t afford to miss this opportunity to invest in the Gold Coast,” he said.
Recent Council population data forecasts that by 2041, the Surfers Paradise population will have nearly doubled and it is estimated that of that, close to 85,900 people will live in high-rise towers.
