CHANGING market conditions have pushed a developer to alter the design of its proposed $88 million Broadbeach apartment project.
The head of Eastview Australia, which is acting for developer Jun Xin Oceanscape, said the changes to Naia will make it more appealing to buyers, particularly owner occupiers.
“The developer has considered the best options for the project to ensure that Naia proceeds to the construction phase and we have undertaken a workshop to investigate a model that will ensure the success of the project,” Eastview Australia’s managing director Graham Goldman said.
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“One of the key initiatives is to have a point of difference for the buyers, to improve and expand on the current facilities of the building for the residents to attract a greater share of the owner-occupier market.”
The management rights to Naia have been acquired by Tourism Holdings Pty Ltd, which is led by one of the Gold Coast’s most experienced property managers, Bryan Frawley.
The company’s existing portfolio includes high-profile Surfers Paradise towers Q1 and Rhapsody.
“We are working closely with Mr Frawley’s group to ensure that we create a residential building that will be well received by the market,” Mr Goldman said.
Naia’s current design includes 97 contemporary apartments at 48 Alexandra Ave with ocean views and expansive outdoor areas including a rooftop residents’ lounge with swimming pool. While the project had already secured more than $20 million in sales, tighter lending conditions have led to a drop in the investor market nationally.
However, strong interstate migration meant the Gold Coast owner occupier market was holding up well.
Before construction proceeds, the developer needs to obtain Gold Coast Council support for the proposed changes. Sales of Naia apartments have been put on hold until then.