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WANDA Ridong Group is pulling out all stops to create a marketing buzz around the $1 billion Jewel project in Surfers Paradise, and the first market it is testing is Sydney.
The developer has taken the unusual step of setting up a Sydney office to encourage apartment buyers north of the border for a slice of the Gold Coast beachfront market. It is hosting about 200 potential buyers at a launch in Sydney tonight.
Apartments in the development start at $675,000 for a one-bedroom and $1.434 million for a two-bedroom property, making them among the most expensive on the Coast since Soul was completed in 2011. Wanda Ridong will be hoping Sydney buyers might see them as bargains.
The developer has not revealed how many potential buyers have registered their interest in the project, but the company has indicated that it expects around 70 per cent will be sold to domestic buyers. The property is also being extensively marketed in China.
Preliminary site works have already been completed on the Surfers Paradise site with the equity-backed project not reliant on pre-sales to proceed. Construction is expected to proceed before Christmas.
CBRE has been appointed to manage the Jewel marketing campaign, which will include a low-key VIP launch for registered buyers on the Gold Coast this Saturday.
Andrew Bampton, Jewel's director of sales and marketing, was not immediately available for comment, but in a statement he says the project is 'one of the most significant and highly sought-after sales releases in the world this year'.
"This is an example of the way Wanda likes to go about things," he says.
"This is not just a Gold Coast development, it's an international standard development that will have an appeal to the national market, as well as international buyers. So that's why we felt it was vital for us to have a presence here in Sydney.
"This is the most exciting real estate opportunity to hit the Australian market in decades, giving buyers the opportunity to own a property unlike any other in the world.
"Jewel will offer buyers an unprecedented opportunity to live an extravagant life while also being able to walk from their apartment directly onto the world's most celebrated beaches.
"Jewel is the city's first absolute beachfront development in 30 years, making our residences the first in a generation to enjoy unfettered beach access. Combined with Jewel's exquisite finishes and unrivalled amenities, these apartments will offer residents the ultimate in flawless luxury living."
Jewel, which is being developed on a 1.1ha site on Old Burleigh Road, will comprise 512 apartments across three towers and will include a six-star Wanda hotel.
Bampton says apartments are on average '10 per cent bigger than anything else in the market' with the one bedroom still nearly 80sqm.
CBRE will manage the sales process to potential buyers around the world through an interactive system that will reveal floor plans, finishes and simulated views of the apartment of their choice. The technology will allow buyers from anywhere in the world buy an apartment through a real-time, centrally-connected system.
CBRE Residential Projects Gold Coast director Nicholas Clydsdale describes Jewel as a 'game-changer' for the Gold Coast market where apartment sales are running at their best level in five years.
"The Gold Coast is one of the most lucrative hot spots for growth over the next few years, particularly in the prestige property market," he says.
Jewel is destined to become Australia's largest mixed-use development, and marketing of the project will be staged according to demand.
Bampton has previously told Business News Australia he was confident the product would 'meet the market and the market will like our product.'
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