Veteran developer launches two luxury beachfront projects on Gold Coast

Propertybuzz - 30.08.2024

Experienced property developer David Devine has commenced construction on two high-end apartment developments in prime Gold Coast beachfront locations, capitalising on growing demand for luxury properties in Southeast Queensland.

he projects, Royale Gold Coast in Surfers Paradise and Burly Residences in North Burleigh, are valued at over $465 million and $530 million respectively.

Mr Devine said the timing of these developments aligns with increased interest in the region ahead of the 2032 Brisbane Olympic Games.

“We strongly believe that we have the two best sites on the Gold Coast. Not only that, our Royale and Burly projects are now both under construction which is a great milestone and one that gives buyers the confidence that our projects are going ahead and will be finished to the requisite standard,” Mr Devine said.

Independent analyst Paul Broad noted significant price growth in the area, with the median sale price of apartments in Burleigh Heads increasing by an average of 13.7% per annum over the past three years.

“Burly’s beachfront apartments of six-star quality are considered excellent value for money — especially when compared to places like Sydney which can sell in excess of $50,000 per square meter of floor area in similar waterfront locations,” Mr Broad said.

Construction on Royale Gold Coast began in July 2022, with completion expected in the first quarter of 2026. Burly Residences commenced construction in February 2024, with completion forecast for the last quarter of 2027.

Adrian Parsons from TOTAL Property Group, which is managing sales for both projects, highlighted the scarcity of prime beachfront development sites.

“Queensland’s population is growing fast and there is a scarcity of development sites in prime beachfront locations so we advise people who are thinking of buying a luxury apartment on the beach to act sooner rather than later and benefit from today’s property prices,” Mr Parsons said.

Both developments feature extensive amenities including swimming pools, dining areas, private office spaces, and wellness centres.

Apartments at Burly Residences range from 116m² to 743m² and are priced from $2,400,000 to $13,900,000. At Royale Gold Coast, three-bedroom apartments start from $4,987,500, with penthouse prices available on application.

The projects come amid record population growth in Queensland, with 139,479 people moving to the state from interstate and 87,954 from overseas in the 12 months to September 2023.