S&S Projects is riding the recent wave of popularity in coastal real estate markets with its next development, a 12-level apartment project in Coolangatta, approved and ready to commence construction.
Momentum on the Gold Coast has accelerated post-Christmas with developers, including S&S Projects, reporting that many recently launched luxury projects are almost sold out despite premium pricing.
The Brisbane-based developer put plans for the site forward in December after purchasing the current property for $8 million earlier in the year.
S&S Projects, led by managing director Paul Gedoun, is currently building a $74-million apartment project on a neighbouring Rainbow Bay site.
The development, known as Flow Residences, sold out late last year, with all 22 premium apartments sold off-the-plan within four months.
Both projects are near the famous surf breaks of Duranbah, Snapper Rocks, Rainbow Bay, Greenmount, Coolangatta and Kirra.
Local residents include surfing stars Joel Parkinson, Mick Fanning and Stephanie Gilmore.
Gedoun said the success of its Flow Residences development had allowed him to acquire the Coolangatta site with confidence and fast-track development plans.
“Our last development was well oversubscribed with buyers and no doubt a lot of those people who missed out will be looking to secure a place in [our forthcoming project,” Gedoun said.
“We were keen to launch Awaken Residences to the market as soon as possible to tap into the existing momentum from local and interstate owner-occupiers seeking a laid-back and luxurious coastal lifestyle.
“We’re looking to bring some of the same elements that attracted so many buyers to Flow Residences into this new project.”
The approved Cottee Parker-designed development will feature eight full-floor apartments and one double-floor penthouse apartment with prices expected to start from $2.95 million.
The site is currently home to the popular D-Bar cafe—Gedoun said discussions were under way with its operators to continue their tenancy at the location once the project was complete.
At a neighbouring site, Brisbane-based Spyre Group has plans in front of council for a similarly positioned 12-storey Bureau Proberts-designed scheme—to be known as Cala Dei Residences.
According to the latest Apartment Essentials report from planning consultancy Urbis, 375 apartments were sold on the Gold Coast between October and December—the best result since 2016.
Owner-occupiers accounted for 54 per cent of sales in the final quarter of last year, more than double the previous year’s figure of 25.1 per cent.