Ignite Projects sell-out Cabana Palm Beach project. Demand for New Luxury Projects on Gold Coast.
Given the sell-out this week of Cabana Palm Beach, premium Gold Coast off-the-plan buyers are looking at the remaining stock in other recently announced projects.
Cabana Palm Beach sold out within eight weeks of their Boxing Day launch and ahead of the project receiving development approval from the Gold Coast City Council.
Delivered by Gold Coast-based developer Ignite Projects, all 34 apartments in the luxury development were snapped up for circa $80 million, with interstate purchasers paying top dollar to secure their abode.
According to the developers, the average price paid for an apartment was $2.7 million, $300,000 more than the average list price on launch, which was just $2.4 million.
Situated in Palm Beach, one of the top five most searched suburbs in Queensland, Cabana lies directly opposite the recently completed artificial reef, making it a surfer’s dream.
Managing director Josh Foote said the stellar results are still underpinned by Cabana’s unique location and outstanding design.
“To have all apartments sold ahead of receiving development approval is a huge vote of confidence in our project team, and the fact people were willing to spend more than list price and, in some cases, combine two apartments shows we have got it right”, Foote said.
The apartments were sold to buyers from the Gold Coast, Brisbane, Sydney, Melbourne and a number of other regional areas.
Construction on the project is expected to start ahead of schedule in June and completion slated for November 2022.
Other luxury three-bedroom apartments on the market on the Gold Coast
Luxury developments are popping up all over the Gold Coast as demand increases for residences with water views and resort-style facilities.
According to Foote, “the trend towards larger beach-home style apartments is here, and I anticipate this will continue as more people want additional space for work, study and recreation in the home.”
In case you've missed out on Cabana, here are a few of our favourite new luxury developments on the Gold Coast:
1. The Monaco, Main Beach
Address: 2-4 MacArthur Parade, Main Beach QLD 4217
Three-bedroom apartments from $1,800,000
Ignite Projects' second Gold Coast residence, the Monaco, offers breathtaking apartment living in Main Beach.
Designed by Rothelowman, the new 24-storey tower will feature 24 half and full-floor residences, the Southern Hemisphere’s first car elevator to apartments and a custom-designed kitchen for each buyer.
“The Monaco offers a boutique beachside residential opportunity for discerning buyers looking to upgrade their lifestyle”, Rothelowman’s Jeff Brown said.
2. Shoreline, Surfers Paradise
Address: 61 Old Burleigh Road, Shoreline QLD 4217
Three-bedroom apartments from $1,100,000
Delivering desirable Surfers Paradise apartments to luxury buyers on the Gold Coast, Shoreline offers space, privacy and opulence.
Situated in a quiet tree-lined pocket, Marquee Developments’ project features an exceptional array of lifestyle and wellness amenity.
Designed by BDA Architecture, the 17-storey building offers 27 three-bedroom apartments, each with panoramic views of the skyline, ocean, river and hinterland.
3. Miles Residences, Kirra Point
Address: Cnr Miles Street & Marine Paradise, Kirra QLD 4225
Three-bedroom apartments from $1,500,000
KTQ Group’s Miles Residences delivers a collection of spacious one, two and three-bedroom apartments, many with a multi-purpose room.
Situated on a rare Australian north-facing beach, the residence is positioned to access all that Gold Coast has to offer.
Apartments, architecturally designed by Woods Bagot, feature timber flooring, a flexible open-plan layout and floor-to-ceiling windows.