Construction to start at Cala Dei, the redevelopment of Coolangatta's Hotel Kommune
The apartment redevelopment of the Hotel Komune Resort, at Coolangatta's Greenmount Beach, is set to begin.
Construction is slated for September at the already sold-out project by the Brisbane-based Spyre Group, who secured sales of all of the 30 apartments in just four weeks earlier this year.
It achieved an average sale price of $1.9 million, with prices rising as high as the penthouse which sold for $7.1 million.
It fell some way short of the area penthouse record, which is categorized in this market as south of Mermaid Beach, to not include the established high-rise developments in Surfers, Broadbeach and Main Beach.
David Calvisi's FORME Projects holds that mantle, securing a $9 million sale of the penthouse in his Koichi Takada-designed Norfolk at Burleigh Heads. The luxury development, which saw the bulk of its sales two years ago, well before the COVID-enduced boom in the area, also saw two further apartment sales at $8.5 million.
With the same team as Norfolk, and less than a kilometre away, FORME are set to launch 96 The Esplanade, with locals suggesting the penthouse could be priced around the $15 million mark.
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Paul Geddoun's S&S Projects recently sold the two-level penthouse in Awaken at Rainbow Bay for $8.15 million.
Read more: First look: Spyre Group lodge exclusive Burleigh Heads apartment development
Hutchinson Builders, Australia's largest privately owned construction company, will deliver Spyre's $57 million project, which will rise 12 storeys on its Marine Parade dress circle address. The old Hotel Komune building has been demolished.
It is expected the development will be completed in the first quarter of 2023.
“We are thrilled to have Hutchinson’s on board to deliver our latest Gold Coast project following the extraordinary sell-out,” Spyre Group Director Andrew Malouf said.
“Cala Dei will transform the pristine beachfront site from a boisterous hub into a serene collection of residences to accommodate a new generation of Coolangatta locals,” Malouf added.
“Given that the southern Gold Coast appeal is higher than ever, we are excited to start bringing this collection of ultra-desirable homes to life.”
The Coolangatta market has gone from strength to strength over the last six months.
Miles Residences, by KTQ Group, smashed their sales targets when they launched their redevelopment of the Kirra Beach Hotel late last year.
The most recent development is The Emerson, developed by the Melbourne-based Hirsch & Faigeno are behind the Palm Beach apartment project Hemingway.