RESIDENTIAL PROPERTY

Luxury buyers pounce Sammut apartments

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SYDNEY-based Sammut Group has secured $110 million in sales at an ultra-luxe Gold Coast tower after submitting a development application three weeks ago, continuing the location’s sizzling run.

More than half of the 43 beachfront apartments at its “Coast” project at 43 Garfield Terrace, a joint venture project with Alceon, have been snapped in another symbol of the heated Gold Coast property market.

Sales secured so far range from $3.5 million to $9 million, at an average of more than $4.5 million. They include a 610 sqm, full floor apartment purchased by a Sydney buyer with an existing full-floor apartment on the Garfield Terrace beachfront precinct.

“The take up has just been incredible,” said Sammut Group director, Allen Sammut.

“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.”

Sammut said the sales were in the form of expressions of interest with $50,000 holding deposits to secure an apartment. The group has begun converting these to contracts that will require 10% deposits over the next week.

He said the project is code assessable and well within the requirements of the town plan Coast will rise 35 storeys on an absolute beachfront parcel of central Gold Coast land.

No more than two apartments will sprawl across each floor of the tower, before progressing to a collection of full floor and multi-floor homes. The entire collection will include 36 half floor villas, two double storey sky homes, 10 full floor sub penthouses and an opulent penthouse spanning three levels, offering over 1,000 sqm of luxury living and featuring a private rooftop pool and amenities.

Amenities include a 32-metre 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.

“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,” Sammut said.

Developers Chris and Letitia Vitale sold all 84 residences in their $450 million mixed-use, dual tower development at Burleigh Heads within six months, netting $231 million in off-the-plan sales.

Spyre Group has achieved another Gold Coast sell-out with its Cala Dei at Greenmount development in Coolangatta selling out in the four weeks since its launch.

The success of Cala Dei comes after the Brisbane based group’s $79 million Elysian, $77 million Natura and $25 million MAYA developments all achieved a project sell-out.

With other luxury Gold Coast apartment developments drawing in buyers and hitting a sell-out status, such as Sherpa Property Group’s $35 million Perspective and Cru Collective’s $40 million Siarn Palm Beach North.

Sammut Group has just lodged plans for a $350 million transformation of an entire block opposite the Cronulla mall and at the entryway to the beach. The development application follows its amalgamation of the properties on the 5,225 sqm site, comprising an old retail and commercial premises.

Also currently awaiting DA approval is PARC, again in conjunction with Alceon, a boutique commercial and hospitality precinct with commercial office space, co-working and two-floor hospitality venue in the epicentre of Cronulla.

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