Southport’s status as the Gold Coast’s development hub has been bolstered by two new apartment projects which are set for completion next year.
They include One33 Scarborough, which is close to 100 per cent pre-sold, and the newly launched The Outlook which hit the market last month.
Both are being marketed by Ray White New Projects, a division of Ray White Surfers Paradise Group, on behalf of local developer Andrews Projects.
Ray White New Projects director and marketing agent Julian Sutherland said The Outlook’s 33 units on Norman Street were meeting market demand for two-bedroom apartments in the CBD.
“These two-bedroom properties are priced around $400,000 which is catering to the needs of the investor-driven market,” he said.
“Most buyers look for two bedrooms and that has informed the developer’s decision not to include one-bedroom layouts.
“We expect a lot of interest from investors who have not been able to buy comparable new product in Southport at these prices for some time.”
The release of Outlook Apartments to the market follows the successful near sell-out of One33 Scarborough on a nearby site.
Construction of the project’s 42 units will start this month.
Mr Sutherland said Asian investors had shown an affinity with the Scarborough Street project.
“Plans for a Chinatown precinct nearby and the fact this building is in the heart of Southport, close to the light rail route, have galvanised the interest of Asian investors,” he said.
“More than half of our buyers were Chinese which shows their eagerness to invest in the area.”
Southport Councillor Dawn Crichlow said the projects marked a change in Gold Coast developments.
“We have made it far easier for developers to build on the Gold Coast and removed a lot of red tape which slowed down application processes,” Cr Crichlow told the Gold Coast Bulletin.
“In the past just one objection to a proposal could halt the project for months or even years in some cases.
“We have opened the door to business and it is clear that Chinese investors are fond of the city.”
Ray White Surfers Paradise CEO Andrew Bell said the projects represented a positive step forward for the city’s renewed development scene.
“Overseas and out-of-town developers have shown a penchant for the Gold Coast and have helped in driving our city’s new development cycle,” he said.
“So it is great to see a local developer delivering two new projects to the Gold Coast market.”
Construction of The Outlook will progress in-step with pre-sale activity and is expected to be constructed in 2015.