Sales soar at Gold Coast’s Star Casino tower
The Star Casino is considering fast-tracking the building of its $400 million, 53-storey third tower at Broadbeach after stronger-than-expected sales.
Buyers have paid more than $185 million for apartments at the Star Residences in 14 weeks on the market, with 321 of its 423 units sold.
Prices range from $467,000 for a one-bedroom unit to $1.1 million for a two-bedroom and study apartment.
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The mixed-use Star Residences tower will include both a 300-room hotel in its first 20 floors and the residential complex in its top 33 levels and has already attracted strong interest from both interstate owner-occupiers and overseas investors.
The strong interest means the project is expected to move forward with construction late this year or in early 2019.
Jayde Pezet, director of KM Sales and Marketing, says response to the project has been “incredible”.
The Star Residences Gold Coast.
“It has been on the market for just five months and the uptake has been tremendous and a real test of the Gold Coast market,” he says.
“It is a unique offering for the Coast and one which puts the city on the market from an international perspective.
“Part of why interest has been so strong is that the views are there, with the residential units all above the 21st floor.”
Jayde Pezet (centre). Picture: Regina King.
The tower, the third to be built at the Star’s Broadbeach site, will also feature bars, restaurants, a resort and shops.
It is being developed by the Star and Far East Consortium.
And it’s not just the Star selling strongly — the nearby Signature Broadbeach tower has also experienced a strong surge in sales after hitting the market six weeks ago.
Of the 236 units in the 35-storey high-rise, 40 have already sold.
The first sod is expected to be turned on the tower midyear after it was approved last year by the Gold Coast City Council.
An artist’s impression of The Star development.
Put forward by former Toll Holdings and Essendon Football Club chairman Paul Little, it will replace lowrise housing.
Pezet says there is strong interest in Broadbeach from investors.
“In essence, Broadbeach has become the centre of the Gold Coast, with offerings such as the revamped Pacific Fair, the convention centre and the casino,” he says. “It has plenty of walkability and you can come and stay for a week or two.
“It is really exciting and having sold the Oracle building off the plan it is lovely to see Broadbeach progress from a sleepy coastal area to an international destination.”
The Signature Broadbeach development. Picture: Gold Coast City Council.
This article from The Gold Coast Bulletin was originally published as “More than $185 million of units sold at The Star Gold Coast’s new supertower development”.
