Apartment projects to inject a billion into Gold Coast economy

Property observers say that should give the large number of people in the city who depend on the construction and property sector, from tradies to real estate agents, the confidence that there will be more employment opportunities in the future.

The projects range from the $50 million Coast West Tower in Labrador in the north to the $85 million Sanbano Coolangatta highrise in the south.

The unrealised $1 billion Jewel development in Surfers Paradise has not been included in the list as a large question mark hangs over the project.

Also left out was a Chinese developer’s plans for the former Southport home of the Star of the Sea Convent as plans have not been finalised with the Gold Coast City Council.

Colliers International director of project marketing Tony Holland said the sheer number of projects already under construction or being marketed will give people confidence the market is improving.

“Historically the Gold Coast has had anywhere between five and 10 projects under construction or being marketed,” Mr Holland said.

“That has not been the case for the last four to five years but by the end of this year there will be at least five or six.”

Mr Holland said developers were moving away from lowrise apartment towers, such as Emandar Group’s Harbour Quays project, and back to the coastal areas and beachfront.

Interstate investors and buyers were also back in force.

Mr Holland said there was a 35-40 per cent gap in price when comparing similar apartments on the Gold Coast and Sydney.

RESIDENTIAL DEVELOPMENT ON GOLD COAST TO 2018 - MAJOR PROJECTS:

 

BRIGHTON ON BROADWATER - SUNDALE

LOCATION: Southport

NUMBER OF UNITS: 488

VALUE OF PROJECT: $400 million

DEVELOPER: Meriton

COMPLETION DATE: Late 2016

 

ZHEN

LOCATION: Southport

NUMBER OF UNITS: 221

VALUE OF PROJECT: $78 million

DEVELOPER: Sanbano

START DATE: Late 2014 (2016)

 

SANBANO COOLANGATTA

LOCATION: Coolangatta

NUMBER OF UNITS: 28

VALUE OF PROJECT: $85 million

DEVELOPER: Sanbano

COMPLETION DATE: September, 2014

 

RHAPSODY

LOCATION: Surfers Paradise

NUMBER OF UNITS: 223

VALUE OF PROJECT: $120 million

DEVELOPER: Ho Bee Land

COMPLETION DATE: Late 2015

 

PURE KIRRA

LOCATION: Kirra

NUMBER OF UNITS: 33

VALUE OF PROJECT: $35 million

DEVELOPER: Pikos

COMPLETION DATE: Late 2014

 

SYNERGY APARTMENTS

LOCATION: Broadbeach

NUMBER OF UNITS: 137

VALUE OF PROJECT: $72 million

DEVELOPER: Morris Property Group

COMPLETION DATE: Late 2014 (Late 2015)

 

BEACH HOTEL

LOCATION: Broadbeach

NUMBER OF UNITS: 219

VALUE OF PROJECT: $140 million

DEVELOPER: Anthony Moreton Group and Pryde Group

COMPLETION DATE: Awaiting development approval

 

COAST WEST TOWER

LOCATION: Labrador

NUMBER OF UNITS: 124

VALUE OF PROJECT: $50 million

DEVELOPER: Heran Building group

COMPLETION DATE: Late 2014

 

SAGE APARTMENTS

LOCATION: Merrimac

NUMBER OF UNITS: 168

VALUE OF PROJECT: $60 million
DEVELOPER: Minamarc Pty Ltd

COMPLETION DATE: First stage, early 2015

 

TALLAHASSEE

LOCATION: Burleigh Heads

NUMBER OF UNITS: 174

VALUE OF PROJECT: $115

DEVELOPER: Morris Property Group

START DATE: Awaiting development aproval