$17 million record haul for Sammut as interstate buyers drive sight-unseen beachfront buy-up

Sydney-based Sammut Group, in partnership with Alceon, has achieved a Gold Coast sales record for sub-penthouses with the sale of two whole floor luxury apartments in its $200+ million ‘COAST’ development to interstate buyers for $8.775 million and $8.95 million respectively.

The multi-award-winning developer has already secured $157 million in total sales since launching the project just months earlier. 

The average price of sales is approximately $5.25 million – another record for a Gold Coast apartment development.

The dual mega-sales underpin the Gold Coast’s unprecedented sight-unseen phenomenon driven by Sydney and Melbourne buyers snatching properties off the plan as they clamour to move to the Gold Coast.

In an extraordinary course of events, a family from Lindfield Sydney made the purchase of the $8.95 million 602 sq/m full floor apartment within three days of inquiring, acting with remarkable pace to secure the four-bedroom plus separate media apartment on the 31st floor of the Garfield Terrace tower (COAST).

“This kind of swift sale is unlike anything I have experienced in my 35 years in the industry,” said Sammut Group CEO Allen Sammut.

“I had a two-hour Zoom call with the buyer following their enquiry and we were signing contracts the next day, it was an incredible demonstration of the enthusiasm COAST has sparked in the market and the trust our buyers have in the Sammut brand.”

The couple from Sydney intend to make the shift north with their two daughters upon COAST’s completion in the third quarter of 2023.

The $8.75 million sale of a full floor on level 30 came from a Melbourne buyer who is trading in their apartment in Jade – a project widely regarded as one of the most exclusive apartment projects ever built on the Gold Coast – for a slice of COAST luxury.

“The Melbourne buyer is already very familiar with the Northcliffe beachfront pocket, having owned an apartment in Jade for some time, but they’ve recently put that on the market to make the upgrade to a 6-star lifestyle contained in COAST,” said Mr Sammut. 

The $8.75 million 30th floor apartment contains 602 sq/m of living space across 4-bedrooms plus a separate media room, gazing directly upon the Gold Coast’s most recognised strip of sand and surf. 

The prestigious developer’s arrival to the Gold Coast prompted a fanfare that engulfed the project the instant it was launched, resulting in one of the most lucrative sales campaigns the coast has ever seen. 

The impacts of covid border closures and lockdowns have sky-rocketed the Gold Coast’s off-the-plan market, as interstate buyers sprint to put their name against a slice of the luxury sweep engulfing the coastal lifestyle mecca. 

“The pandemic has drastically shifted the selling landscape and we’re seeing it become more mainstream for these high value off-the-plan transactions to be secured over the likes of zoom in a bid to keep pace with the incredible demand,” said Mr Sammut. 

“We’re fielding inquiries from across the board, from locals who have an appreciation for the prime beachfront position COAST will occupy, through to interstate and even international buyers who have caught wind of a premium quality product designed with the luxury beachfront lifestyle in mind.”

Sammut Group received the official go-ahead from council early last month for its Garfield Terrace project (COAST), with council officers noting COAST “delivers a high-quality architectural form and high dwelling density that is a catalyst for the transformation of the city into a highly-connected, compact city with vibrant centres, specialist precincts and urban renewal corridors”.

COAST will rise on 43 Garfield terrace and include 36 half floor villas, 2 double storey sky homes, 10 full floor sub penthouses and an opulent penthouse spanning 3 levels, offering over 1000 square metres of luxury living and featuring a private rooftop pool and amenities.

Construction and demolition will begin early 2022.

COAST is already stamping its mark to become the Gold Coast’s premier address, comprising the most luxurious amenities such as a 32m wet edge pool that wraps from the east to north, wellness facilities including a yoga studio, massage rooms and sauna, function facilities, residential beach bar and breakout areas and a commercial sized gym.