CANUNGRA TO RECEIVE $80M BOOST
5 March 2015, Written by Laura Daquino
THE LITTLE township of Canungra has been the recipient of some big investment.
Winten Property Group, which has an $800 million property portfolio across the eastern seaboard, is developing the $80 million Canungra Rise.
The first stage of the 243-hectare project (pictured) has just been released and already eight of the 54 lots have been sold at a starting price of $174,900.
With a development stronghold in Sydney and western Sydney, Canungra Rise will supplement Winten Property Group's existing portfolio in south east Queensland which includes The Sanctuary at Fig Tree Pocket and Reserve Rise at Upper Coomera.
Winten Property Group's Queensland director Karl Rameau says he expects the "buoyant property market" will react well to the rural Queensland development.
The town of less than 1000 people is in close proximity to attractions such as O'Reilly's, Lamington National Park, Albert River Winery and Mount Tambourine.
"There is very much a trend towards these destinations - the tree change, green change with local amenities - it's been spoken about for a while now but is finally coming to fruition in Canungra," says Rameau.
"This segment of the market is really chasing the quarter-acre lots we are selling there is a whole bunch of people with old-fashioned values who are bucking the trend of smaller residences that we are seeing elsewhere."
Rameau says Canungra is the "hidden treasure" that was skipped over 20 years ago for places like Mudgeeraba and Nerang because it was solely regarded as military land.
"People are finally realising it's a hidden treasure of the Coast," he says.
The $10 million civil works at Canungra Rise start at the end of the month including more than $2 million allocated to the Finch Road - Christie Street intersection, the development's entry road, entry statement and parkland areas.