Developer Aniko Group has achieved a significant milestone by achieving almost a 100 per cent settlement rate in the city’s fastest selling project of the last 12 months.
The company, led by George Mastrocostas, is closing in on settlements from all 108 homeowners in the company’s latest project – the spectacular $55 million, Three72 Marine overlooking The Broadwater at Labrador.
Mr Mastrocostas said today the milestone defied softening market conditions earlier this year and demonstrated the value of the project for buyers.
“All valuations have come in at or around valuation and this demonstrates the tremendous value that 372 Marine Parade offered,” he said.
“We’re delighted. The market has faced some challenges this year but is bouncing back after the federal election. The 100 per cent settlement rate reflects the happiness of buyers in the prices they paid.
“Similarly, the valuations confirm we priced the apartments well and our buyers have bought very well.”
Local and interstate buyers have swooped on the latest completed apartment project on the Gold Coast – offering uninterrupted views over the spectacular Broadwater.
“We had a buyer say to us just this week that they would have been prepared to pay more than $100,000 more for the apartment they purchased in Three72 Marine,” said Mr Mastrocostas.
“This is music to our ears because it shows we have happy buyers, and it demonstrates we bought the site well and developed the project in line with our affordable luxury philosophy.
“We have been able to create apartments for around $4000 per square metre with uninterrupted waterfront and ocean views – some of our competitors are asking for three times this to be on the beach or the waterfront.
“There’s no doubt a penchant for downsizing and high migration to the Gold Coast has enabled us to ensure a very strong sales rate which saw us sell out prior to the completion of construction.
“This is almost unheard of in the current market.”
Three72 Marine has become yet another success story for Aniko Group’s founder and managing director George Mastrocostas who has developed more than 1000 apartments on the Gold Coast in the last decade.
The company has now turned its attention to its next spectacular project called No. 1 Grant Avenue – a $140 million, 210 apartment project at Hope Island.
Construction has commenced on the $140 million apartment project which is being built when there is a critical undersupply of apartments at Hope Island and will rise on an 8,390sqm waterfront site, offering 210 apartments across two buildings with a range of exclusive resort style facilities.
According to property consultants Urbis, The North Shore precinct which includes Hope Island, is the most undersupplied market on the Gold Coast for apartment buyers with less than 50 new apartments currently on the market.
Aniko Group’s current portfolio includes commercial and residential projects that are defined by innovation and architectural excellence including its latest apartment project in Hope Island, No.1 Grant Avenue.