Citimax Property Group’s Ascend Apartments set for Kings Beach, Caloundra

Apartments at a $27m project are being snapped up as the developer reveals the key to their success. Here’s why he thinks Caloundra could be the coast’s next hot spot.

A Brisbane developer is building a $27m apartment complex in Kings Beach as more people are wanting to move to coastal towns in the wake of the pandemic.

Citimax Property Group said it wanted to begin construction of the seven-storey, 24-unit project, Ascend Apartments, along Moreton Parade, Kings Beach by early next year and completed by mid-2024.

The project, with a pool, gym, and barbecue area, will feature a one-bedroom unit, and 23 three-bedroom units, costing between about $850,000 and $1.6m and totalling about $27,750,000.

Director Matthew Bond said his team, who paid $2.5m for the site early last year, picked the coastal location because people were looking to move to the regions post-pandemic.

“I think half of Australia wants to live by the ocean now they can work remotely,” he said.

A render of Citimax Property Group’s upcoming apartment complex, Ascend. Picture: supplied.

Mr Bond said the area – seen as a retirement spot in the 90s – was undervalued compared to other beachside hot spots such as Mooloolaba, Maroochydore, and Noosa.

“You’re getting a real bargain (in Caloundra),” he said.

He said there were few high-quality apartments in the suburb, potentially because it was hard to find a builder given recent supply issues restricting the construction industry.

Citimax Property Group director Matthew Bond. Picture: Asa Andersen.

“There could be more if you could get the builder on board,” he said.

Mr Bond said he was “very” confident in the sales process with nine of the 24 units already sold.

The company’s first apartment complex on the Sunshine Coast, Ocean Verge, sold out and was due to be completed by next year.

A render of Citimax Property Group’s upcoming apartment complex, Ascend. Picture: Supplied.

In the future, Mr Bond – who was raised in Caloundra – said he “badly” wanted to return to the area himself, and tackle further projects on the Sunshine Coast.

“It’s where people want to be going forward,” he said.