New owner of Gold Coast Jewel project reduces prices on luxury development which reaches maximum height today

IF you like the look of the $1 billion Jewel towers but thought it was out of your price range — you could be in luck. The new owners have cut prices in the luxury apartment project, which is set to reach its full height today. The new price list has been revealed.

THE new owners of the billion-dollar Jewel project have reduced prices on some apartments in the luxury project, which is set to reach its maximum height today.

Yuhu Group has shaved about $104,000 off the price of two-bedroom, two-bathroom apartments in the project, which are on sale from $1.3 million — down from $1.43 million when sales were launched by previous owners Wanda Ridong in 2015.

Entry-level apartments have increased in price from about $675,000 to $799,000 for a one-bedder with a study — largely because many lower-priced one-bedroom apartments have already been sold.

The towers under construction.

While those prices apply for entry-level apartments in tower one, it is in tower three where the big money will be spent.

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The Bulletin understands prices in that ultra-luxury building will start around $1.09 million for a one-bedder, with three and four-bedroom offering from $3.9 million.

If you want top spot at Jewel — the spacious tower three penthouse will set you back about $16 million.

The three sparkling beachfront towers will reach maximum height this morning, with a 4m pandanus palm tree set to be hoisted to the rooftop of the 170m tallest tower as part of a ceremony marking the milestone.

The complex’s pool.

FIRST OF THREE JEWEL TOWERS REACHES MILESTONE

Residents of Jewel, which began construction in 2016, are likely to be living in the towers by this time next year, with an extensive fit-out of the apartments on track for a mid-2019 completion.

The project will feature 521 residences and a 169-room international five star hotel in the 47-floor tower two.

It will also have a resort pool, bars, restaurants, 800-person ballroom, health and wellness centre and retail spaces in line with its 130m of beach frontage.

New artist impression of Jewel towers on Gold Coast, the finished product

Sales have only just started under Yuhu Group, which purchased 45 per cent of Jewel from its co-owners Ridong for an estimated $260 million in February and the remaining share from Wanda Group in May as part of a $1.13 billion deal that included another project in Sydney.

Sales had been suspended since February as Ridong had held the project’s commercial real estate licence.

In a statement to the Hong Kong Stock Exchange this year, previous owners Wanda said 40 per cent of Jewel had been sold in the two years to December last year.

The beachside venue

A statement from Yuhu Group said Jewel would feature a “truly world-class resort-style hotel and luxury residential living”.

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“The Jewel will offer residents and hotel visitors an outstanding array of facilities, including bars, fine dining and retail,” it said.

“The resort pool will also be quite spectacular and connect seamlessly with the beach.”

Tourism Minister Kate Jones, who will attend today’s ceremony, said projects such as Jewel would boost the Gold Coast’s economy.

“Projects like this are exactly what we need to lure more visitors who stay longer and spend more on the Gold Coast,” she said.

“We have a $2.3 billion pipeline of tourism projects on the Coast that will ensure the city’s tourism economy continues to grow.”