Gold Coast’s Southport Central development sells out

The final apartments of the $700m Southport Central development have now been sold. According to Colliers, 70 of the final 92 apartments were sold to buyers of Asian origin, many of whom already resided in the Gold Coast area.

In a press release, Mark Worth, Director of Residential Project Marketing at Colliers International, stated that “Chinese investors, who make up the largest percentage of buyers, are securing a home for their children that are studying in the area. They tend to look for Chinese populated communities, and after the students graduate the parents intend to hold the property as an investment or sell it in a much improved market in the future.”

“Many of the Chinese buyers have also purchased an apartment as a permanent residence, as the remaining stock still had FIRB (Foreign Investment Review Board) status.”

The Southport area has a relatively high proportion of residents of Asian descent when compared to nearby areas such as Surfers Paradise or Broadbeach.

Developed by the Raptis Group, the three-tower Southport Central development includes 788 apartments, as well as a street-level retail precinct and 11 floors of office and commercial spaces.

jrichardson@propertyobserver.com.au

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