- Lacey Group has sold 32 of the 33 apartments in the development
- Sales total $33 million
- 65% of sales come from those who have either bought or expressed interest in previous projects
Developer Lacey Group has announced the sale of 32 of the 33 apartments at The Monroe at Jefferson Lane in Palm Beach for $33 million in just two weeks after its market launch.
The projects consist of a range of two and three-bedroom apartments, along with a townhouse and penthouse, that have been sold to predominately local owner-occupiers for between $619,000 to $1,790,000 each.
KM Sales and Marketing’s Jayde Peet and Todd Matheson have been tasked with marketing The Monroe and contributed the success to an ‘off-market’ campaign. 65% of sales came from databases or purchasers who have previously bought in projects developed by the Lacey Group.
“The number of sales to previous Lacey Group buyers is testament to the quality of project delivered by Adam and the team, and is further evidence of the unprecedented demand for off-the-plan apartments in a market that is becoming increasingly competitive,” Mr Pezet said.
“A combination of record low interest rates and incredibly tight supply has created an environment where buyers are acting quickly to secure a property, resulting in the scenario we have seen at The Monroe, with an entire building all but sold out within weeks of hitting the market.”
Jayde Peet, KM Sales and Marketing
Mr Pezet added that while this achievement is “incredible”, he believes it will become more prevalent in the Gold Coast due to the “cooker type situation” being faced by the local property market. He in particular refers to near-zero vacancy across the city, forcing often dozens of purchases bidding on single properties.
“In turn, this has prompted an uptick in interest for off-the-plan apartments, so buyers really need to be on a database to ensure they don’t miss out.
“From a developer perspective, it shows previous projects have hit the mark in terms of quality and value, giving people the confidence to either re-invest or make sure they don’t miss out this time around.”
The Monroe is the second Jefferson Lane project by the group, with the $32 million The Jefferson sold out before its completion back in July 2019.
Lacey Group director, Adam Lacey, says the latest project will feature a rooftop terrace while overall the project focuses on those seeking a lock-and-leave lifestyle.
“When designing The Monroe, we put a lot of thought into who our buyers would be and how they would experience living here,” Mr Lacey said.
The project was designed to appeal to local owner-occupier downsizers, young professionals and those looking for a lock and leave beachside home.
By the middle of this year, early site works are expected to commence, paving the way for construction to also beginning.