SOLD-OUT TOWER TO RISE A LEVEL A WEEK

THE fourth instalment at The Star Group’s Broadbeach Island site will rise about one level per week as it edges closer to its opening in 2024.

All of the development’s

457 residential apartments have been sold, half of them going to local investors.

The 63-storey tower (right) will also have 210 hotel rooms and, once complete as part of the island’s $2bn masterplan, will give The Star “more accommodation offerings than any other resort in Australia”.

A major hotel brand to manage the tower is still to be announced.

Property leaders are concerned about new stock becoming available after the collapse of some builders, inflation, supply chain issues, and the rising cost of materials.

The migration of interstate residents remains strong and rental vacancies are at historic lows.

“It’s a really exciting stage of construction as we’ve reached the point where every week from now on, we will see the tower taking shape rising approximately a level every week,” The Star

Gold Coast chief operating officer Jess Mellor said.

“We’ve just opened the brand new The Star Residences and Dorsett Hotel, which takes the current accommodation options at The Star Gold Coast to well over 1100 rooms.

“By the time this game-changing development is complete we will have more accommodation offerings than any other resort in Australia, with as many hotel rooms as Marina Bay Sands in Singapore.”

Ms Mellor said The Star Gold Coast’s masterplan would allow for a total of five towers.

“We have just seen the 10-year countdown till the 2032 Olympic and Paralympic Games commence, so we are on that runway to maximising a decade of tourism and investment opportunities for the city.”