Paul Little upbeat on Gold Coast as rivals retreat
30TH NOVEMBER 2017
Rich-lister developer Paul Little is still confident in the Gold Coast apartment market as offshore and local developers pull back around the country, with unit projects shelved or rebadged for other uses.
Mr Little is launching his Signature apartment development in Broadbeach today to local buyers after an international launch two weeks ago, and the 263-apartment tower has already seen about 40 sales. He expects to start work on the site early in the new financial year and is pushing ahead with the project even after Chinese developer Dalian Wanda said it was reviewing its international apartment and hotel projects and would consider any approaches from prospective buyers. Wanda is developing landmark apartment and hotel projects on the Gold Coast and in Sydney.
“ I don’t think I’d be building this building if I didn’t (have confidence),” Mr Little told The Australian. “We’re very confident that we’ve picked the cycles to take advantage of what appears to be very strong demand.”
It was an opportune time to engage builders, with the cost of building in Queensland appearing to have plateaued after preparation for the Commonwealth Games and the wave of apartment development in Brisbane cooling, he said. Melbourne, which had already experienced an apartment building boom, was seeing more projects shelved than on the Gold Coast, Mr Little said.
In Victoria, the amount of new construction under way was half the level it was 18 months ago, while many projects in NSW were being put on hold. But the Gold Coast tended to be countercyclical in terms of confidence and starts, so after a strong eight years for NSW and Victoria the tables were now turning. “The Gold Coast’s a lot stronger, most projects are going ahead — unless of course there’s some sort of global operator that’s got reasons for not pushing ahead — but based on domestic demand and cyclicality I think we’re in a strong period for the Gold Coast and the Sunshine Coast,” he said. Mr Little was not surprised that some developers were opting to change planned apartment projects into office or other developments, such as tycoon Lang Walker’s change of plans at his Parramatta site. “It’s an indication of the changing mood that most developers are being forced to consider now,” he said.
Little Group had moved out of Victoria to the Gold Coast and New Zealand and was working on student accommodation and a hotel “as part of our understanding of the changing market”, he said.
Apartments in the Signature project — designed by architects Rothelowman and SJB Interiors — start from $475,000 from a one bedroom to $1.48m for a three bedroom. Interest is expected from buyers who want a holiday home and might also let the unit short-term, given amenities such as an infinity edge pool, cinema and gym.
Signature Broadbeach Construction and settlement Update
21ST NOVEMBER 2022
We are pleased to report that over the past couple of weeks, Icon has made good progress with the following works currently being undertaken on-site.Read More
COMPLETION AND SETTLEMENT UPDATE
8TH NOVEMBER 2022
As we prepare for completion of Signature Broadbeach, the development team has been working closely with Icon and ULTIQA to provide you with your apartment as soon as possible.
Icon have reported making good progress on-site over the last month and if progress continues on program, we are expecting to call for settlement for the majority of the units in Levels 5-33 the week beginning 21st November 2022, with settlements to occur 14 days later.Read More
COMPLETION AND SETTLEMENT UPDATE
12TH OCTOBER 2022
We are writing to provide an update on the impending completion and settlement of Signature Broadbeach.
Whilst our previous communications indicated a late October completion date, we unfortunately have recently been advised by Icon that there will be a slight delay in completion, and we are now expecting to call for settlements in mid November for Levels 5 – 33 and late November to early December for Levels 34 and 35.Read More