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In one of the most successful sales campaigns ever seen on the Gold Coast, Sydney-based Sammut Group has secured an astronomical $110 million in conditional sales in its ultra-luxury “Coast” project after submitting a development application only three weeks ago.
More than half of the 43 beachfront apartments have rocketed off the market in yet another symbol of the scintillating Gold Coast property market.
The sales secured so far ranged from $3.5 million to $9 million, at an average of more than $4.5 million, and include a 610 square metre, full floor apartment purchased by a Sydney buyer with an existing full-floor apartment on the exclusive Garfield Terrace beachfront precinct.
Sammut Group Director Allen Sammut said the inquiry for the project, named “Coast”, had been something he had never seen in more than 35 years in the development industry.
“The take up has just been incredible,” said Mr Sammut, whose Sydney-based company’s brand is synonymous with luxury apartments.
“We were confident that our luxury residential offering would be well received, although we never anticipated the sheer volume of market uptake we’ve witnessed in the past few weeks.”
“We’ve only just lodged our development application for Coast late last month but there has been amazing interest from interstate, local, and even a New Zealand purchaser.”
Mr Sammut said the sales were in the form of expressions of interest with $50,000 holding deposits to secure an apartment.
“We have begun converting these to contracts which will require 10% deposits over the next week.
Artist impression of new Surfers Paradise tower Coast by Sammut Group
“The contracts will obviously be subject to DA approval however the project is code assessable and therefore well within the requirements of the town plan.”
Coast will rise 35 storeys on a pristine, absolute beachfront parcel of central Gold Coast land, and will incorporate an exceptionally boutique offering of opulent residences.
The apartments are no more than two apartments to each sprawling floor of the tower, before progressing to an exclusive collection of full floor and multi-floor homes.
The entire residential collection will include 36 half floor villas, 2 double storey sky homes, 10 full floor sub penthouses and an opulent penthouse spanning 3 levels, offering over 1000 square metres of luxury living and featuring a private rooftop pool and amenities.
Coast presents itself as a 6-star residential address, comprising the most luxurious amenities such as a 32m wet edge pool that wraps from the east to north, wellness facilities including a yoga studio, massage rooms and sauna, function facilities, residential beach bar and breakout areas and a commercial sized gym.
“To have our debut Gold Coast project welcomed with such ferocity is a sensational result that only reinforces our commitment to delivering a project that exceeds our buyer’s expectations on every front,” said Mr Sammut.
“We threw the whole box and dice at the design of this project because we believe the site was purchased well, and the quality of what we have included in Coast from both luxury apartments and amenities has simply tantalised the market,” he said.
“Coast will be a magnificent building of a very high quality that is perhaps unprecedented on the Gold Coast.”
Sammut Group has a keen dedication to supporting the local communities surrounding their developments, recently confirming a six figure, five-year sponsorship deal with Coast’s neighbouring BMD Northcliffe Surf Life Saving Club.
Led by Allen, John and Julian Sammut, Sydney based luxury developer Sammut Group is a property icon of the east coast, having won over 40 major building industry awards for its projects across its 50 years of operation.
Their current workbook includes the spectacular reinvigoration of Cronulla’s CBD with a $350 million mixed-use urban renewal project including Harris Farms soon to be flagship store, in addition to a boutique commercial and hospitality precinct known as PARC, offering commercial office space, an innovative co-working structure and two-floor hospitality venue in the epicentre of Cronulla.
Alceon Group is one of Australia’s largest non-bank providers of development finance and has an extensive Gold Coast portfolio while Samut has created multiple award-winning projects across the country.
It is the latest in a flood of luxury high-end unit towers aimed at the downsizer and owner occupier market. More than $750m worth of units in these projects have been sold in the past six months alone Alceon executive director Todd Pepper said the strong sales were an ongoing trend.
“We are well aware of the strength of the luxury downsizer market on the Gold Coast,” he said. “Coast will well and truly fit the mould of meeting that demand with the quality of product this sector of the market is seeking.”