26 VISTA Apartment sales remain strong with Major Global Stakeholders assessing progress ahead of construction

WORDS: Ocean Road Magazine Editorial Staff PHOTOGRAPHY Supplied

Executives from Malaysian development company MRCB have met with its global financiers on site of its $500 million 26 Vista project in Surfers Paradise ahead of an anticipated construction start in coming months.

Ravi Krishnan – CEO of MRCB International

The visit follows the project being a standout performer in the Gold Coast apartment market with 139 – or almost half – of 26 Vista’s 280 apartments sold to date for a total value of $170 million.

According to the latest data from Urbis, the highest number of apartment sales on the Gold Coast in Q4 of 2023 occurred in the luxury 26 Vista tower.

The data revealed that Gold Coast apartment sales have continued to remain strong despite the challenges of construction costs, with more than 236 apartments sold in the last quarter of 2023.

A total of 46 apartments were sold in 26 Vista for a value of more than $60 million at an average weighted sale price of $1.434 million, according to the data – almost twice the volume of sales than any other project during the final quarter of last year.

26 Vista sales agent Matt George, who heads the national agency Urban Activation which sells high-end projects across Australia, said the sales in 26 Vista reflected a ‘flight to quality’.

“Buyers are more aware and searching for well-funded developers undertaking well-finished high-quality projects in good locations near the beach with a guaranteed commencement of construction and delivery by a tier one builder,” said Mr. George.

“The developers of 26 Vista are a solid multi-national company with a large balance sheet and the project they have introduced in 26 Vista is of premium quality, designed by renowned local architects DBI.

“These factors have certainly come to the fore over the last 12 to 18 months.”

Urbis director Paul Riga said the sales showed a continued strong demand for apartments across the Gold Coast, particularly along the traditional beachside strip between Surfers Paradise, Broadbeach, and Burleigh Heads.

“We’re seeing consistent sales results being achieved along the Gold Coast despite the current interest rate environment, and we think this reflects a solid level of local buyer interest as well as the continued migration from the southern states and those downsizing from existing homes into apartment living,” said Mr. Riga.

A total of 236 apartments were sold across the Gold Coast during the fourth quarter. The Q4 data is consistent with 288 in Q1 and 211 in Q2, with Q3 recording 470 sales in what was a very strong quarter.

Mr. Riga said rising construction costs, which were impacting the viability of projects, had constrained supply but those with the delivery capability and experience to take projects to the market and construct were continuing to launch new projects.

“For enquiries call 1800 260 026 or head to the sales display located at Q1 Retail 3011, Surfers Paradise Boulevard.”