Skyridge Gold Coast: $1.5bn Worongary development’s future revealed
The developers behind a giant $1.5bn new Gold Coast suburb have revealed the future of their project amid economic uncertainty and a changing property market.
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THE developers of a $1.5bn new suburb in the Gold Coast’s west have fast-tracked its third stage after higher-than-expected sales.
More than $70m of property at Worongary’s Skyridge development has changed hands in the past year, with clearing of the giant site off Hinkler Drive continuing ahead of construction beginning. Now, developers Perron Group and Ross Atkins are putting the next stage on the market.
Brinton Keath, head of Sala Property Group, which is marketing the project, said the move came on the back of strong demand.
“Given the recent run of interest rate rises and the widely speculated property slowdown, it’s exciting to see demand for land in the Gold Coast’s most central masterplanned community is still extremely strong,” he said.
“From our research and understanding of the market no other project in Australia, land or apartments, are getting this type of traction in the current environment. It’s testament to the quality of the community that’s being built here and the location which is central to the best the city has to offer.”
Home sites in the upcoming release range between 283sq m and 776sq m.
Mr Keath said further stages would be brought to the market in coming months.
The entire development, ultimately to home 10,000 people, is not expected to be completed until 2036.
Its size will rival Varsity Lakes, or the equivalent of Chevron Island, Bundall, and part of Surfers Paradise combined.
It is expected to inject $3.2bn into the economy in the next 15 years.
It will also include the estate’s first two new parks, including the ridge top Hero Park with views of the city’s skyline and ocean, a 500-person amphitheatre and picnic lawns.
The release of its first stage in October 2021 produced a frenzy of buyers, with the Bulletin revealing at the time that more than 15,000 people had registered to secure one of 3500 houses in the subdivision.
The demand was so high the developers were forced to stage the ballot to pick the winners.
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