More than $185m of units sold at The Star Gold Coast’s new supertower development

BUYERS are snapping up units in one of the Gold Coast’s most prized addresses with the new supertower now expected to rise soon after the Commonwealth Games.

The Star Residences

THE Star Casino is considering fast-tracking the building of its $400 million, 53-storey third tower at Broadbeach after stronger-than-expected sales.

Buyers have paid more than $185 million for apartments at the Star Residences in 14 weeks on the market, with 321 of its 423 units sold.

Prices range from $467,000 for a one-bedroom unit to $1.1 million for a two bedroom and study apartment.

PROOF THE GOLD COAST PROPERTY MARKET IS BOOMING

The Star Residences Gold Coast

SURFERS PARADISE’S GOLD SUPERTOWER

The mixed-use Star Residences tower will include both a 300-room hotel in its first 20 floors and the residential complex in its top 33 levels and has already attracted strong interest from both interstate owner-occupiers and overseas investors.

The strong interest means the project is expected to move forward with construction late this year or in early 2019.

WHERE OUR NEWEST TOWER WILL RISE

Jayde Pezet, director of KM Sales and Marketing, said response to the project had been “incredible”.

Jayde Pezet (centre). Picture: Regina King

“It has been on the market for just five months and the uptake has been tremendous and a real test of the Gold Coast market,” he said.

“It is a unique offering for the Coast and one which puts the city on the market from an international perspective.

“Part of why interest has been so strong is that the views are there, with the residential units all above the 21st floor.”

THE NEXT PLACE DEVELOPERS ARE BUILDING

Artist impression of The Star development

The tower, the third to be built at the Star’s Broadbeach site, will also feature bars, restaurants, a resort and shops.

It is being developed by the Star and Far East Consortium.

And it’s not just the Star selling strongly — the nearby Signature Broadbeach tower has also experienced a strong surge in sales after hitting the market six weeks ago.

Of the 236 units in the 35-storey high-rise, 40 have already sold.

HOW LABRADOR IS ABOUT TO CHANGE

The first sod is expected to be turned on the tower midyear after it was approved last year by the Gold Coast City Council.

Signature Broadbeach. Supplied by Gold Coast City Council

Put forward by former Toll Holdings and Essendon Football Club chairman Paul Little, it will replace lowrise housing.

Mr Pezet said there was strong interest in Broadbeach from investors.

“In essence, Broadbeach has become the centre of the Gold Coast, with offerings such as the revamped Pacific Fair, the convention centre and the casino,” he said. “It has plenty of walkability and you can come and stay for a week or two.

WHERE THE NEW CASINO WILL BE BUILT

“It is really exciting and having sold the Oracle building off the plan it is lovely to see Broadbeach progress from a sleepy coastal area to an international destination.”

Businessman Paul Little looking over Broadbeach Picture: Jerad Williams