5POINT: The Art of Residential Icons

WORDS: Ocean Road Magazine PHOTOGRAPHY Supplied

Each project the renowned 5Point Projects brings to market has an enduring legacy. 5Point is a Queensland-based development and construction business underpinned by its building arm.

5Point has completed over 20 projects across Brisbane and the Gold Coast, and its current project pipeline comprises eight, including Ophira at Palm Beach and FARO in Broadbeach. Its project portfolio has a value in excess of $1 billion over the past nine years.

Led by Damian Dove, 5Point has made a significant impact on the residential landscape in South East Queensland and has rightfully cemented itself as a leading Tier 2 construction business amongst its industry peers. The company is known and trusted by developers with whom it operates, also completing projects for Azure, Sherpa Property Group, and Red & Co across South East Queensland.

Tell us about your background and how you got into development and construction?

Damian: My career has spanned over 30 years within the construction and engineering industries. Before founding 5Point, I worked for Tier One and ASX-listed developers, using the knowledge I gained during my experience in these environments to grow 5Point as a sustainable business that provides tailored solutions to our clients and stakeholders.

I have always respected the industry I’ve worked in, but what led me to founding 5Point was my desire to escape the norm. I knew the standard approach to development, which is uniform in larger corporations, could be revolutionised in a way that would better benefit end users (buyers), stakeholders, and our clients.

Every project that 5Point touches turns to gold. What is it about 5Point that sets you apart from everything else on the market?

Damian: 5Point specialises in the early engagement of site identification, concept, and design development with real-time cost planning outcomes that align with our clients’ vision and meet the development feasibility requirements. This attention to detail, stemming from years of experience, enables us to construct a high-quality product that delivers on all stakeholder expectations and provides a strong yield for the end client.

We implement designs that truly stand out in the market, and developers seek us out specifically to create a timeless residential icon of their own. The power of testimonials has been instrumental in the great projects we’re able to execute; our model has been built on referrals with developers seeking us out as preferred builders for their projects.

5Point is making big waves in the Gold Coast property market with its Ophira and FARO projects. Do you have any other projects in the pipeline?

Damian: Ophira and FARO have had resounding success in the Gold Coast market. Ophira has achieved over $42 million in sales, with over 70 per cent of the residences sold.

FARO has reached the halfway mark, having secured sales of six of the total 11 full-floor sky homes in the development, including the penthouse, which sold for a record price of $30,000 per sqm.

Regarding new projects, we recently announced the acquisition of a new double beachfront site in Palm Beach for $15.6 million, which will be home to a new ultra-luxury apartment project. We’re excited to share more news as it comes to light for this project, which we expect to launch later in the year.

Location is everything, and it appears that the Gold Coast has been quite a popular choice for 5Point. What is it about the Gold Coast that keeps bringing you back for more?

Damian: We have always focused on and completed projects along the Gold Coast beachfront strip. This is a location we continue to see great value in, and we know what a great ongoing investment it is into this thriving region of the coast. The Gold Coast has transformed over the past decade, and 5Point is proud to have introduced residential icons that will stand the test of time along the Gold Coast.

The location of our newest acquisition, Palm Beach, is home to several prior 5Point projects. We believe that this is one of the Gold Coast’s prestige beachfront hotspots. Fresh off the heels of the success we’ve seen with Ophira, we’re eager at the prospect of continuing our journey in Palm Beach.

As we’re seeing in many industries, collaboration isn’t something that companies shy away from. What is your experience with this, and how do you not dilute the strengths of each company’s identity?

Damian: We recognise the value of collaboration. 5Point has been successfully undertaking joint venture developments with our past clients, and again on FARO with Bottega Group. What has made this experience as seamless as it’s been is that both companies share a vision and goals for the end product of the joint venture. What 5Point specialises in is the early engagement of a project, and in doing so, Bottega Group and 5Point were able to establish a strong foundation of trust and understanding from the commencement of the joint venture.

Where do you see the future of off-the-plan property sales?

Damian: Earlier this year, we experimented with virtual reality with Envision VR at Ophira. This involves facilitating off-the-plan viewings for property developments, allowing prospective buyers the opportunity to experience their newest purchase before it’s even built, which is really something special. This allows us to reach a broader population of buyers that may otherwise be resistant to investing in something that is yet to be actualised, especially for developers that opt to veer away from traditional showrooms.

I think, as we’ve seen in many, if not all industries, technology continues to play a vital role in society, and I think we can expect to see a lot more technological transformation revolutionising our industries for the better.

For more information visit: www.5pointprojects.com.au