- COAST represents the developers first foray into the Gold Coast
- So far, apartments have sold for an average of $5.25 million
- Includes the most ever paid for a Gold Coast sub-penthouse
The Garfield Terrace development, Sammut’s debut into the hot Gold Coast market, achieved a sales record when released to the market late last year with an average price of $5.25 million per apartment.
Construction is scheduled to start within the next month following Multiplex’s appointment. Financier Alecon Group will deliver the beachfront tower in partnership with Sammut.
“The appointment of Multiplex as our building partner for COAST is a significant milestone for this landmark development,” said Sammut Group CEO Allen Sammut.
“After achieving exceptional sales success, we are now progressing to construction of our vision to create the Gold Coast’s premier residential address, firmly supported by one Australia’s most experienced builders.”
Allen Sammut, Sammut Group CEO
Multiplex has had a strong presence along the Gold Coast, having been responsible for South East Queensland projects including Destination Gold Coast Tower 2 at Star Residences, Queens Wharf Brisbane, Jewel Gold Coast and the W Hotel Brisbane.
“We are delighted to be working with such a well-credentialled developer as Sammut Group on such an iconic development for the Gold Coast,” said Multiplex Regional Director, David Redding.
“COAST will be a defining benchmark for the Gold Coast, and we look forward to leveraging our extensive track record of delivering high quality projects across Australia to bring this striking residential collection to life.”
Julian Sammut, Sammut Group COO, said the company was keen to deliver the project.
“This is an exciting project for us, being our first in Queensland, and we are looking forward to breaking ground on Gold Coast soil in the coming weeks,” he said.
The construction phase of the 35-level tower will employ around 400 workers.
“We take very seriously the jobs creation that is afforded to us through securing such quality projects,” added Mr Redding.
Only eight apartments are left at the development, which will home a 32-metre pool that wraps around the exterior of the building.
Along with the high average price, COAST set a Gold Coast record for sub-penthouses before breaking its own record again – interstate buyers purchased one for $8.775 million and $8.95 million respectively.