Ultra-Luxe – Tropical Oasis: First look at Surfers Paradise tower by developer YHY
Plans for a giant riverfront tower, which will boast the Gold Coast’s largest penthouse, have been unveiled for a residential street which have been high-rise free until now.
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
Plans for a giant riverfront tower, which will boast the Gold Coast’s largest penthouse, have been unveiled for a residential street which have been high-rise free until now.
Sydney based development company YHY had lodged plans with the Gold Coast City Council to build the Ultra-Luxe – Tropical Oasis tower on Surfers Paradise’s Sunset Drive, fronting the Nerang River.
It’s earmarked for a 2226-sqm site which will overlook the Home of the Arts (HOTA) where three existing one-storey homes will be demolished to make way for the 35-storey tower, which will have 74 units.
YHY founder and director Sheng Ye told the Bulletin his project, valued at more than $500m, would set a new benchmark for luxury property, boasting a three-storey 2879.52 sqm penthouse he describes as a “sky mansion”.
“This will be our first Gold Coast project that we will have initiated and it will have the largest penthouse on the Gold Coast,” he said.
“It was not our goal to set the record and have the largest penthouse but we wanted to set up a different level of high-end luxury.
“We asked the architect to design it and we decided to make it a sky mansion, so its owner will have a home on top of the building.
“We decided to do this standard of luxury rather than make them feel like tiny one or two-bedroom units.”
The “ultra penthouse” sky mansion will take out levels 32-34, while the rest of the tower will be made up of a mixture of three to six-bedroom units.
Its lower levels will feature “waterfront villa” units which will overlook both the tower’s pool and the Nerang River.
Mr Ye said the company, which is also working on a Chevron Island project it bought with development approval, said riverfront property had advantages over beachfront sites which were also proving popular with developers.
He anticipated it would be taken to the market in mid-2025 if approved by the council.
“We chose the riverfront site while a lot of developers would chose the oceanfront but that is windy and noisy while on the river you get a water view and to see the sunset, so it is the best of both worlds.
“Product like this does not exist on the Gold Coast yet and if everything goes well we will go to the market in six-months time.
“Safety is the most important thing to the ultra-high-end market and that is why we are doing this kind of project.”
Experts make major rate call
Aussies are doing what the Reserve Bank of Australia is asking and cutting back on spending, but they might need to wait nine months for a reduction on their mortgage.
RBA makes call on mortgage stress
Aussie mortgage holders are in theory the most exposed to interest rates rises in the world, yet there is little evidence of a mortgage cliff, the RBA said.