Surfers apartment sells for $10.75m

ANOT-YET-BUILT beachfront apartment on the Gold Coast has sold for a staggering $10.75m. An international buyer splashed the cash in an off-the-plan deal for their new holiday home in Coast, one of the first luxury towers set to be built in central Surfers Paradise since Jade was completed nearly 15 years ago.

The full-floor residence is one of 53 in the 37-storey building by Sydney-based Sammut Group, in partnership with Alceon Group.

Construction giant Multiplex are building the project with completion expected in early 2025.

“This sale is an exceptional result so early in the new year,” said Sammut Group CEO Allen Sammut.

“It’s an incredible demonstration of Coast’s unique six-star luxury offering in an unrivalled beachfront position and the trust our buyers have in the Sammut Group brand, with Multiplex contracted to deliver Coast confidence among astute buyers is assured.

“Not only does it offer world-class design, but Coast’s owners are also able to enjoy a unique living experience with an emphasis on providing the very best resort-style amenities in a very intimate, boutique environment.”

Coast lead agent and CEO of Highland David Highland and of Harcourts Coastal Prestige’s Tolemy Stevens secured the sale.

“Buyers continue to respond to this rare combination of location, views and quality design,” Mr Highland said. “To see it coming out of the ground adds further confidence.”

Mr Stevens said Coast was one of the most high-end developments he had seen on the Gold Coast.

“If Coast was completed today and buyers could come in and touch, feel and see what is coming to the market we would sell out immediately,” Mr Stevens said.

“Coast has the biggest site but the smallest volume of apartments being built, creating an intimate place that encourages connection that really resonates with clients as they don’t want to live in an overcrowded space.”

Designed by PBD Architects, the project launched in 2021 and achieved an average apartment price of more than $6m.

The buyer profile includes a mix of local, interstate and international purchasers.

Eight apartments remain for sale.