The Star Gold Coast sells 84 per cent of its residential units in eight months, green-lighting tower

THE Star Gold Coast has been selling $1 million worth of its residential apartments every day for eight months and has revealed the name of its next hotel. Construction will start sooner than you think.

An artist's impression of the residential apartments offered for sale at The Star Gold Coast. Photo: Supplied

THE Star Gold Coast has been selling $1 million worth of its residential apartments every day for eight months, with 84 per cent under contract and construction of the $400 million project approved to start in August.

The Bulletin can also reveal The Star’s newest hotel will be named The Dorset, and will comprise 313 hotel rooms over 13 levels of the new tower on the group’s Broadbeach Island.

Buyers have signed up for 355 apartments worth $250 million at The Star Residences, which will occupy the top 33 levels of the 170m, 53-storey tower.

New bars and restaurants, resort facilities, car parking and shops will also form part of the project, adding another $100 million to the project’s value.

FIRST STAGE OF THE STAR MASTERPLAN APPROVED

An artist's impression of the residents’ pool at The Star Gold Coast. Photo: Supplied

The Star Entertainment Group Queensland managing director Geoff Hogg said the apartments had been popular with buyers in Asia, and had generated strong interest in Sydney.

He said the tower’s one-bedroom apartments had sold “unbelievably quickly” and that designs were tweaked to create more.

The Star’s board gave the project a green light on Thursday afternoon.

“It’s good to come off the back of the Commonwealth Games and straight into another project,” Mr Hogg said.

“The fact we have reached that level of sales in a relatively short time should be a confidence boost for people across the Coast.”

There is no penthouse in the tower, with each of the residences 33 floors featuring the same floor plans.

GET A NEW TABLET WHEN YOU SUBSCRIBE TO THE GOLD COAST BULLETIN

Geoff Hogg at The Darling, which opened at The Star earlier this year.

Mr Hogg said The Star was considering an in-house pool for short-term rentals to counter the rise of AirBnb-style platforms which have created problems in other buildings.

“It does appear that people buying the apartments are looking at them as investments,” he said.

“It’s always hard to judge what percentage of buyers are investors and which are going to be residents themselves.

“If we’re going to offer a letting pool that we run ourselves, we’ve got to make it attractive.”

Tenders for construction of the tower will close in July ahead of construction starting in August for an anticipated 2021 completion.

An artist's impression of the residential apartments offered for sale at The Star Gold Coast. Photo: Supplied

Residents will be the first to live on Broadbeach Island and will also enjoy an exclusive residents’ recreation deck on level 20, featuring a dedicated pool, gymnasium, yoga deck, lounge, private dining and barbecue areas.

The Star will manage facilities the residents share with the hotel component, while a body corporate will be established solely for the residential apartments.

While there are no current plans to create an in-house management pool for short-term rentals or serviced apartments, the idea has not been ruled out of future consideration.

The tower is the latest step for the group’s multibillion-dollar master plan and is being completed with The Star’s development partners Chow Tai Fook Enterprises and Far East Consortium.

Tower two will take the overall accommodation supply on the Broadbeach island to almost 1400 hotel rooms and apartments.