Gold Coast development: 800 people battle for 15 units in $50m Sanctuary Cove building
More than 800 people are jostling to secure 15 units at an “ultra luxury” Gold Coast development which will cost you between $2m and $8m to live in.
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MORE than 800 people are jostling to secure 15 units at an “ultra luxury” Sanctuary Cove development.
The first stage of Mulpha International’s $50m Harbour One project is on the market just four months after the building was unveiled. High-end properties will be priced from $2m to $8m for the four-bedroom penthouse.
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Mulpha Sanctuary Cove sales general manager John Hughes said the company had been overwhelmed with inquiries.
“The incredible response we have received for these new residences has required us to think outside the box with Harbour One so that we can ensure an equal opportunity for all potential purchasers,” he said.
The project will ultimately have 48 units ranging from two to four bedrooms.
Because the land is governed by the Sanctuary Cove Act, passed in the mid-1980s, it is one of the last remaining developments in Australia that offers an exemption from Foreign Investment Review Board restrictions.
This allows overseas buyers to invest in vacant land without assessment.
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