Close to $11 million of new apartment sales recorded at Mon Komo development, Redcliffe

Kyko Group’s multi-tower development, Mon Komo, has achieved almost $11 million for the sale of 17 short stay and residential apartments over three months.

The mixed used development at 99 Marine Parage, Redcliffe, has seen these sales of the apartments priced between $420,000 and $825,000, with one-, two- and three-bedroom configurations purchased. Residential investments are in one tower, with short stay apartments in the other. There are 108 residential apartments. Investment apartments come with a two year rental guarantee.

Owner occupiers and investors across the wider Brisbane market were said to be the purchasers to date, including local Redcliffe and Moreton Bay buyers. However, there have been interstate buyers from Adelaide, Sydney and Mackay expressing interest.

One of the penthouses sold for $825,000, leaving three currently available of the eight.

TOTAL Property Group managing director, and Mon Komo marketing manager, Adrian Parsons, said that record buyer interest was seen over the last quarter of 2013.

“The property market is on the move in Brisbane, which is spurring positive traction in Redcliffe particularly for its multi-storey developments, with local buyers turning to apartments as a preferred place to live,” said Parsons.

“This is being reflected in our sales and feedback from local purchasers, who are attracted to the convenience of apartment living and the luxury waterfront lifestyle on offer at Mon Komo.”

First home buyers are also being seen expressing interest, which Parsons attributes to the available $15,000 Great Start Grant.

“Contributing factors including significantly low interest rates have assisted with the increase in buyer confidence, as well as a greater demand for waterfront apartment living in South East Queensland,” he said.

“On the other end of the scale, we are seeing the astute investment buyer return to the marketplace, who now have the flexibility of purchasing property that is of higher end value. The latest uptake is a strong example, with the sale of one of Mon Komo’s luxury penthouses as well as several sales from $600,000 upwards.”

Prices for the entire development start from $325,000, with layouts ranging from one-bedroom apartments at 82 square metres to three-bedroom plus study penthouses at 247 square metres.

Short stay apartments are managed by Oaks Hotels & Resorts, come fully furnished, and are one-bedroom, 58 square metre offerings, to three bedroom dual key properties, 170 square metres, starting from $275,000 including furniture package. There is also a pub, office suites and other facilities.

Occupancy rates at Redcliffe are 84.2% for short stay accommodation.

Floor to ceiling windows and balconies are part of the design.

jduke@propertyobserver.com.au

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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