New housing estate of 96 houses planned for Ormeau on Gold Coast
A BOOMING suburb on the Gold Coast will have up to another 100 houses after the confirmation of a 5.4 hectare purchase by a national property developer.
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A RESIDENTIAL community of 96 houses is in the works for northern Gold Coast suburb Ormeau after the purchase of a 5.4 hectare block by CFMG Property Group.
The same group built ‘The Brook’, located across the M1 from this project, a 251-residential-lot project.
The block of land which ‘Elevate’ will be built on, off Tillyroen Road, sold for $7.6 million from an undisclosed vendor.
CFMG Capital general manager Andrew Thomson said there was intense competition in the region — it is strategically positioned 25km from the Gold Coast and 45km from the Brisbane CBD.
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“The project site currently has the benefits of an existing approval for a 96 lot residential community and is situated within a kilometre of the Ormeau Town Centre and the ‘future’ North Ormeau town centre, which includes Woolworths, Coles and IGA supermarkets, petrol stations, cafes and specialty shops,” he said.
“Land remains relatively tight in this corridor with several large scale subdivisions recently completed or nearing completion within this area.”
Demand in the area means that there has been a 24.4 per cent increase in median house sale prices, according to market data from realestate.com.au.
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