These 250sqm apartments start at $12m
This beachside hot spot has become a magnet for billionaires. Now panel beater-turned rich lister Sam Arnaout is the latest to make a splash.
Wealthy property developer and investor Sam Arnaout’s Iris Capital Group is about to capitalise on the popularity of Sydney’s seaside Manly with the development of the luxury Oceania, a collection of seven large apartments providing absolute beach frontage.
The apartments, which range in size from 217sq m to 270sq m, are topped by a full-floor penthouse with its own pool and spa.
The apartments have an average size of 250sq m, and there are two per floor.
Prices for the absolute beach frontage apartments fronting North Steyne start from $12m apiece. Each will include two car spaces.
The penthouse, which covers 500sq m, has four car spaces. It is priced at $25m.
Mr Arnaout, who is worth $2.5bn according to The Australian’s The List, lives near Manly, and plans to retain one of the Oceania apartments for himself.
He also owns the Steyne Hotel, which he purchased from publican Arthur Laundy, adman John Singleton and entrepreneur Robert Whyte for $65m, as well as the Ivanhoe Hotel Manly.
The former panel beater made good also owns retail shops in the seaside destination, as well as a fair amount of residential holdings that he has rented out.
“I have my own house there in Manly and I describe the place as heaven on earth, it is where the harbour meets the sea,” he said.
“It’s a piece of paradise and I am definitely looking to keep a place in Oceania for myself. It’s where I go to enjoy the natural beauty.”
The developer – who has housing developments in Newcastle, north of Sydney, and in Potts Point, closer to the Sydney CBD, as well as Casino Canberra and Lasseters Casino in Alice Springs – says he would definitely do more development projects in Manly if he could get the opportunity.
“The problem is Manly is so tightly held. Given the opportunity to replicate this Oceania project in Manly I would jump at the chance,” Mr Arnaout said.
Apart from its beach and harbour lifestyle, others say they like Manly because it is not pretentious and it is authentic.
The Oceania residences will boast separate study areas, additional multipurpose TV rooms, wine cellar and ensuites for every bedroom. Kitchens feature European appliances, butler’s pantries, and curved natural stone island benches.
The development’s exterior and interiors were created by Vince Squillace, with CBRE agent Ben Stewart marketing the project.
Mr Stewart said he was getting interest from people who currently reside in larger homes in the nearby suburbs of Mosman and Balmoral. “They see Manly as having a fantastic lifestyle,” Mr Stewart said.
“Everyone involved in the project are Manly locals.
“Vince Squillace is the architect and interior designer. He is a Manly local. He has done a lot of projects and private prestige homes in Manly and understands the buyers’ needs in terms of proportions of sizes and styles and interiors.”
Construction is scheduled to start mid year, with completion expected in early to mid 2026.
Meanwhile, billionaire businessman and tech star Robin Khuda is also developing in Manly, where he has six apartments on the go. He is understood to have sold a couple of apartments, with one believed to have sold for about $8m.
Mr Khuda’s building has just been completed.
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