Two apartments for sale in Gold Coast Jewel ahead of full sales launch later this year

A cashed-up buyer has bought an apartment in the Jewel development from an Abu Dhabi Sultan, abruptly stopping its highly-anticipated auction.

A mystery buyer has bought an apartment in the Jewel development from an Abu Dhabi Sultan, abruptly stopping its highly-anticipated auction.

The two-bedroom, 30th floor unit is the first in the development to sell in almost two years, with the bulk of the 220 units sitting empty and off-market.

Apartment 13003 was bought for $2.67m in 2016 by Sultan Adnan Saif Al Nuaimi, director-general of Abu Dhabi’s lucrative Equestrian Federation.

It is thought to have sold below that figure this week. The terms of the sale are subject to a nondisclosure agreement, so the buyer and price are yet to be revealed.

The apartment was set for auction on May 12, but was postponed to this Thursday after the eventual buyer made an offer that required further consideration.

After negotiating a deal that suited the Sultan, the contract was signed late Wednesday and Thursday's auction was cancelled.

Agent Travis Brown of Amir Prestige said he’d taken 98 prospective buyers through the Sultan’s property.

“It’s an interesting one, there’s a nondisclosure agreement, so the buyer does not want to be known,” he said.

“It was certainly an offer above where everyone else was – we felt it was the right result for the seller.”

Mr Brown said he’d miss working with the Sultan, a “quiet and gentle man”, but hoped he’d return to the Gold Coast for future property investing.

Before the Sultan’s sale, the last apartment sold in 2020, with Jewel owners AW Holdings not planning any marketing until after the launch of the site’s Langham Hotel later this year.

The Sultan's apartment sold less than 24 hours before it was due to be auctioned.

Why Sultan will likely lose money on Jewel apartment

April 22, 2022: As the owners of Jewel prepare to relaunch the residential project after a two-year marketing hiatus, those who bought early are likely to lose money.

Two apartments in the long-awaited development have been put to market in recent weeks, including a two-bedroom apartment on the 30th floor and a one-bedroom apartment on the 11th floor.

The larger apartment set for auction, number 13003, is owned by Sultan Adnan Saif Al Nuaimi, director-general of Abu Dhabi’s lucrative Equestrian Federation, who bought it for $2.67m in 2016.

Apartment 13003 in the Jewel development is going to auction in May.

It seems likely the Sultan may make a loss on his investment.

At the time he bought in, the price points were comparable to apartments in London and Hong Kong and widely criticised as too high.

The Sultan’s apartment is being marketed by Travis Brown of Amir Prestige, who said he had fielded 27 inquiries within the first week of listing.

“People have been very curious about what’s happening there,” he said.

“We had an offer, from an internet celebrity, at the first open for inspection.

“I submitted it to the Sultan, and he’s instructed that he will sell the property at 5.30pm on May 12.”

Despite the strong interest, the result is not expected to reach the price paid by the Sultan six years ago.

“We’re still seeking out where the market is going to be for it, but it doesn’t appear the market is going to be quite in that vicinity,” Mr Brown said.

Weather permitting, Mr Brown plans to hold the 5.30pm auction on the beach in front of the towers.

The smaller apartment is listed at $1.15m, just a sliver above the amount paid by its owners in 2016.

Apartment 13003 in the Jewel development is going to auction in May.

Sultan selling apartment in long-awaited Jewel

April 21: While the majority of the Gold Coast’s long-awaited Jewel project sits empty and effectively off-market, two apartments have popped up for sale.

A two-bedroom, two-bathroom, 165sqm apartment with a study is on the 30th floor of tower one is set for auction on May 12 after hitting the market last week.

A compact one-bedroom, one-bathroom, 87sqm apartment on the 11th floor is also being advertised for offers over $1.15m

View from apartment 13003 in the Jewel development, which is going to auction in May.

More than 220 luxury units in the $1.4bn project are empty and have been effectively off the market for more than 18 months.

The Gold Coast property market is heaving with record high prices, but as few as 12 apartments – totalling $20m – have settled in the tower which sits on the beach at southern Surfers Paradise.

Apartment 13003 in the Jewel development is going to auction in May.

The last apartment sold in October 2020, with Jewel owners AW Holdings not planning any marketing until after the launch of the site’s Langham Hotel later this year.

The apartment set for auction, number 13003, is owned by Sultan Adnan Saif Al Nuaimi, director-general of Abu Dhabi’s lucrative Equestrian Federation, who bought it for $2.67m in 2016. It’s being marketed by Amir Prestige.

Apartment 13003 in the Jewel development is going to auction in May.

One-bedroom apartment 11105 has been on the market with Remax since March 15.

It’s owned by Fatma EISH Bahzad and Aref EHY Alyousifi, who purchased two neighbouring units for $1.23m each in 2016.

Their other one-bedroom apartment was advertised for rent at $695/week in February.

Jewel has 521 units across its three towers, 339 of which will form part of the Langham-operated hotel and residences.

Langham will operate the 169 rooms and suites between the third and 20th floors of the 49-storey central tower and will also manage 170 serviced apartments between the 22nd and top floor.

A company ultimately held by Jewel owner AW Holdings is still listed as owner of 221 properties at the address.

Heart-racing new look inside The Langham, Gold Coast

April 7: A jaw-dropping display of drone piloting and clever videography has provided a new perspective on the Gold Coast’s long-awaited Jewel project.

The Langham, Gold Coast and Jewel Residences released a video showcasing the striking designs ahead of its mid-year launch.

The video starts as sunset is reflected from the peak of the three-tower property before the viewer is taken on a series of heart-racing plunges up, over, around and through the building’s glistening facets.

The video captures the stunning 180-degree views of the coastline from the hotel’s suites, and tours inside the rooms, through the vast poolside deck and out to sea.

The Langham, Gold Coast.

Visitors can book their stays from the middle of the year, as the Langham, Gold Coast and Jewel Residences prepares to launch.

The Langham Gold Coast has partnered with a long-time local events company Dreamweavers to stage vibrant conferences and galas in the sparkling new hotel tower.

The hotel will incorporate Australia’s only five-star, beachfront ballroom.

While the launch date has been eroded by ownership changes, union scuffles and a federal government ban on a Chinese chairman, this year’s holdup is ordinary by comparison: the hotel’s sheets and plates are yet to arrive.

Langham Gold Coast and Jewel Residences general manager John O’Shea said in March while the hotel’s fit-out was nearing completion, an exact launch date remained unknown.

“The construction work is still very much on track, it’s just the supply chain that we’re uncertain of at the moment,” he said.

“Even though we’ve ordered all our operating supplies and equipment – things like glassware, linen, chinaware, silver kitchen equipment – we haven’t yet got a confirmation from the suppliers when that’s arriving.

“In the next couple of months we should know for sure.”

Langham Gold Coast and Jewel Residences general manager John O’Shea.

Originally published as Two apartments for sale in Gold Coast Jewel ahead of full sales launch later this year