Sammut nearly sell-out Surfers Paradise apartment tower just three weeks after lodging DA

Sammut Group Director Allen Sammut said the inquiry for the project had been something he had never seen in more than 35 years in the development industry

Sammut nearly sell-out Surfers Paradise apartment tower just three weeks after lodging DA
The proposed Coast building in the heart of Surfers Paradise. Image supplied

Just three weeks after submitting their development application, the Sydney-based developer Sammut Group have secured $110 million in conditional sales for Coast, their Surfers Paradise apartment tower.

They've secured sales of over 43 of the 49 total apartments, with sales so far ranging between $3.5 million and $9 million, at an average of $4.5 million.

A Sydney buyer, who already has a full floor apartments on the exclusive Garfield Terrace, secured a 610 sqm, full floor apartment in the development.

Sammut Group Director Allen Sammut said the inquiry for the project had been something he had never seen in more than 35 years in the development industry.

Sammut nearly sell-out Surfers Paradise apartment tower just three weeks after lodging DA

“The take up has just been incredible,” said Sammut, whose Sydney-based company’s brand is synonymous with luxury apartments in the Sutherland Shire area.

“We were confident that our luxury residential offering would be well received, although we never anticipated the sheer volume of market uptake we’ve witnessed in the past few weeks.”

“To have our debut Gold Coast project welcomed with such ferocity is a sensational result that only reinforces our commitment to delivering a project that exceeds our buyer’s expectations on every front,” Sammut added.

There was interest from interstate and local buyers, as well as a purchaser from New Zealand.

“The contracts will obviously be subject to DA approval however the project is code assessable and therefore well within the requirements of the town plan.”

Coast, designed by PBD Architects and set to soar 35 levels in to sky, will have a wide range of resident amenity, including 32m wet edge pool that wraps from the east to north, wellness facilities including a yoga studio, massage rooms and sauna, function facilities, a residential beach bar and a commercial sized gym.

Sammut nearly sell-out Surfers Paradise apartment tower just three weeks after lodging DA

“We threw the whole box and dice at the design of this project because we believe the site was purchased well, and the quality of what we have included in Coast from both luxury apartments and amenities has simply tantalised the market,” Sammut said.

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Surfers Paradise Residential Tower

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