The super towers injecting billions into the Gold Coast

A NEW group of super towers is emerging on the Gold Coast injecting billions of dollars into the city. But it’s also bringing something else.

Renders of 272 Hedges Avenue, in Mermaid Beach.

A NEW group of super towers is emerging on the Gold Coast, injecting billions of dollars into the city.

The $1 billion beachfront Jewel development is set to hit its final height of 47 floors next week with more big projects set to follow.

“We think the project is looking fantastic and already the Jewel is a distinctive Gold Coast landmark,” said Jimmy Huang, director of the project’s developer Yuhu Group Australia.

Just like the high-rises themselves, demand for luxury units appears to be on the rise.

Property giant Sunland recently launched its $210 million Mermaid Beach project, 272 Hedges Avenue, which will tower 44 storeys over Millionaires’ Row.

Sunland Group's 272 Hedges Avenue.

Construction is due to kick off next month but buyers have already spent $100 million on the residences in seven days.

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Stage 1 of The Ruby Collection, at Surfers Paradise, has sold out despite construction still being under way while Stage 2 is tipped to begin next year.

It is not yet known how many sales the 89-storey Spirit tower has recorded since its launch on July 6 but it was reported to have sealed deals of $32 million in the first couple of weeks.

The Star Entertainment Group’s seven-tower vision for its Broadbeach island site is also tipped to be popular.

Artist impressions of Ralan Group's Ruby tower 2 which will be built as part of its $1 billion redevelopment of the Paradise Resort in Surfers Paradise.

Tower One, which will have hotel rooms and apartments, is its latest offering, with construction to start in early 2019.

Chris Litfin, Knight Frank director and head of project marketing in Queensland, said the Gold Coast residential apartment market is at a stable level.

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“It’s a much more solid market, not the least of which is due to the emerging demographic buying apartments — it’s downsizers, as a result of the ageing population and their desire to enjoy a maintenance-free lifestyle,” Mr Litfin said.

Artist impressions of Ralan Group's Ruby tower 2 which will be built as part of its $1 billion redevelopment of the Paradise Resort in Surfers Paradise

The Star Residences Gold Coast

REIQ Gold Coast chairman Andrew Henderson shared a similar view.

He said the super towers were aimed at owner-occupiers, providing a shift in the Gold Coast apartment market.

“Those developments are catering more to the owner occupier who wants to come here to live,” Mr Henderson said.

“(Developers) used to make apartments smaller with the main target being the investor. Now they’re making apartments to target the owner-occupier with a lot of emphasis on luxury.”

Andrew Bell, Ray White Surfers Paradise Group CEO, said the strongest demand was coming from downsizers as the city’s population increased.