LUXURY APARTMENT MARKET 'NOT DEAD'

THE multimillion-dollar apartment market is not dead on the Gold Coast, but it’s not the Chinese who are leading the charge, according to CBRE’s Chris Litfin.

Litfin, who is marketing the $85 million Sanbano Coolangatta project where the entry price is $1.025 million, says interest in the project has been strong from Gold Coast buyers who he sees snaring most of the 28 apartments on offer.

The Chinese backed development has already secured seven sales from China through developer Sanbano Group Capital’s network – or a quarter of the 28 apartments on offer.

These sales have included the penthouse, although the sale price has not been disclosed.

Litfin says he expects more sales to come from the domestic market with cashed-up buyers already showing a commitment to buy.

“We’ve been surprised by the number of local people looking,” he says.

“A lot of high-net-worth people have kept a property here at Coolangatta – either a house or a smaller apartment – and now that there’s something better available in Sanbano Coolangatta, we’ve been surprised at the number that have had a look.”

Sanbano Coolangatta has been labelled as the southern Gold Coast’s answer to Palazzo Versace.

The 25-level residents-only tower offers no more than two apartments per floor, with each featuring a balcony spa, high-end furniture package and residents’ concierge service.

Construction started in March last year and the tower was topped off this week with completion expected in late September.

The luxury end of the market appears to have recovered since the string of receiverships that rocked the Gold Coast property market more than five years ago saw the likes of Soul, The Oracle and Surfers Paradise Hilton forced to cut prices to move stock.

Whole-floor apartments at Sanbano Coolangatta start from $2.72 million, which market experts suggest would have been closer to $4 million during the boom years.

Graham Goldman, managing director of project manager Eastview Australia, says the project took “vision, courage, commitment and belief in the Gold Coast” by Sanbano.

“The mission from our client was to have something totally special, something different totally different in Australia,” he says.

“You are buying not only a unit, but a package which includes a concierge resident manager, a club floor where it has a private dining room, bar and lounge and a putting green.”

Goldman says he is aiming for a measured sales campaign for the remaining apartments and he was not being “overly ambitious”.

“We’re getting pretty good traction. We feel the Gold Coast is becoming more sophisticated and ready for (this kind of project).”

Goldman has been involved in a number of projects on the Gold Coast, including some of the city’s early luxury projects such as Sunland’s Carmel by the Sea.