Jewel developer resells apartment it bought from Abu Dhabi Sultan, restoring its value

The second ever resale in the Jewel development has been revealed - and  it's the same apartment as the first. The most surprising part is how much it sold for.

THE developer of the beachfront Jewel triple towers has made a rapid near $800,000 profit on an apartment it secretly bought from a loss-making Arab sultan.

 

Developer AW Jewel bought the two-bedroom apartment from Abu Dhabi sultan Adnan Saif Al Nuaimi before auction in May for $1.9 million.

The company’s name was put under wraps and it did not settle the buy until August.

Property records have since revealed it re-sold the apartment three weeks later for $2.67 million.

The sultan had bought the apartment off the plan, after viewing it on a video link, for that same amount, $2.67 million, in 2016 and exited with a $770,0000 loss.

The new owner of the 30th-floor property is Hong Shang, who in July sold a Paradise Waters home for $4.3 million.

The beachfront Jewel apartment spans 165sqm and includes a study, two bathrooms, and a large balcony.

It was put on the market in May and sold a planned auction of it was halted, despite 98 parties inspecting it.

Agent Travis Brown said at the time there was a non-disclosure agreement relating to the sale ‘so the buyer doesn’t want to be known’.

He said the $1.9 million paid for it was ‘above where everyone else was’.

The bulk of the apartments at the $1.4 billion Jewel are sitting empty, with the developer recently saying marketing would re-commence this summer.

A valuer yesterday said the sale at the original $2.67 million could be interpreted as an effort to protect Jewel values.

“If the money lost by the sultan was reflected throughout the project, the value of the unsold apartments would dive by tens of millions of dollars.”

Sultan sells Jewel unit back to developer at loss

August 25, 2022: The developer of the $1.4bn Jewel project hasn’t sold any apartments in almost two years, but this month it bought one.

Title documents have revealed developer AW Jewel paid Abu Dhabi Sultan Adnan Saif Al Nuaimi $1.9m for his two-bedroom apartment – $770,000 less than the $2.67m he paid for it in 2016.

It’s the first resale in the mammoth project since its sales launch more than six years ago.

The sale had been shrouded in secrecy, with the price undisclosed in property databases and revealed only through a title transfer document.

While the Sultan’s loss may seem heavy, it likely could have been worse – the developer’s offer was high enough above other interest to dramatically halt its highly-anticipated auction.

Apartment 13003 in the Jewel development never made it to auction.

Sales agent Travis Brown declined to comment on the circumstances of the sale, but after the auction was halted said he’d taken 98 prospective buyers through the Sultan’s property.

“It’s an interesting one, there’s a nondisclosure agreement, so the buyer does not want to be known,” he said at the time.

“It was certainly an offer above where everyone else was – we felt it was the right result for the seller.”

The Sultan never set foot in the luxury apartment, only ever viewing it via video link.

The two-bedroom, 30th floor unit is the first in the development to sell in almost two years, with the bulk of the 220 units sitting empty and off-market.

Apartment 13003 in the Jewel development never made it to auction.

A second apartment, a one-bathroom, 87 sqm, one-bedder on the 11th floor, has languished on the market since its was listed in March at $1.15m, also below its 2016 sale price of $1.23m.

Calls to the development’s sales line go straight to voicemail.

The Gold Coast Bulletin has contacted AW Jewel’s marketing department for comment on when a new sales campaign will be launched.

Before the Sultan’s settlement last week, the last apartment sold had been in October 2020, with Jewel owners AW Holdings not planning any marketing until after the international launch of the site’s Langham hotel in September.

Jewel has 521 units across its three towers, with all sales so far made in Tower One.

The Langham, Gold Coast, hotel and Jewel Residences occupies the central tower, while Tower Three remains completely vacant.