MOSAIC EYES AFFLUENT SUBURBS FOR WORKBOOK
Written on the 5 May 2016
MOSAIC Property Group has unveiled a hit list of Brisbane suburbs for its pipeline this year, off the back of delivering three projects worth $40 million last month.
The trio of projects, Alto at Indooroopilly, Botanica at Alderley and Eco at Holland Park sold out within months of being released for sale.
The Brisbane-based developer plans to unveil at least five new projects over the next six to eight months.
Mosaic managing director Brook Monahan (pictured) says the apartment sell out has been encouraging, particularly as it came a year ahead of completing construction.
"The successful delivery of six projects in the first three months of 2016 has paved the way for a pipeline of new Mosaic projects to be launched this year," Monahan says.
"They are likely to include projects at St Lucia, McDowall, Everton Park, Chapel Hill and Upper Kedron."
Mosaic has doubled the value of its workbook in FY16, underpinned by strong buyer appetite for boutique apartments in affluent suburban locations. Three projects worth $56 million in Ashgrove, Mt Gravatt East were completed in the first quarter.
Monahan says the group's strategy to deliver apartments and townhouses in areas that were undersupplied with high quality residential product is paying off.
"Completion of these projects means Mosaic has already exceeded $110 million in completed projects for the 2016 financial year," he says.
"It represents strong growth from 2014 and 2015 when our figures were about $50 million."
He says Mosaic's completed project workbook would exceed $150 million this financial year, with another 10 projects in the pipeline.