- If approved, the development will be home to 48 different residences
- Represents Sammut's first foray into the Gold Coast scene
- Focuses on luxury properties for downsizers
Interest in Gold Coast developments shows no sign of slowing down with Sydney-based Sammut Developments submitting a development application for a $200 million 35-level residential project appropriately called Coast.
If approved by the Gold Coast City Council, 43 Garfield Terrace will be home to 35 half-floor villas, two double-storey sky homes, 10 full-floor sub penthouses and a penthouse spanning three levels.
Director Allen Sammut said the project will capitalise on the growing downsizer market.
“We’re planning to create one of the most iconic, high-end luxury apartments the Gold Coast has ever seen,” he said.
“We’re very keen to establish a presence on the Gold Coast, particularly given the strength of the luxury downsizer market. Accordingly, we have worked up plans that we believe will deliver a benchmark for this market anywhere not only on the Gold Coast but anywhere in Australia.”
Allen Sammut, Sammut Developments Director
The project will be the first Gold Coast one for the developer, who has spent 30 years on developments in Sydney, predominately around Cronulla. Previous developments include Drift, Nautius, Breeze, Loft and Banc.
“We began our journey of developing prominent, beachside apartments in Sydney’s idyllic waterside suburb Cronulla over 15 years ago with our renowned ‘Coast’ full-floor apartments,” said Mr Sammut.
“Coast will bring an unrivalled level of resort-style living right to the shores of Surfers Paradise, packaged in an ultra-luxurious product that has everything you could need to soak up the best facets of the coastal lifestyle from your own home.”
“We have invested a lot of thought and consideration into creating a space that emanates the look and feel of a resort, with our incredible features and concierge service, with the comforts and quality you want from a home.”
The project will be completed in partnership with Sydney-based investment group Alecon Group. Alecon is one of the largest non-bank providers of development finance in Australia with investments totalling over $4 billion across real estate and private equity/credit.
Todd Pepper, Executive Director of Alecon QLD said the company is looking forward to the project, pending local approval.
“We are thrilled to be working with Sammut Developments and believe Coast will set a new benchmark and create a truly unique boutique luxury residential experience,” said Mr Pepper.