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The new Jewel attracting plenty on interest

The Property Addict / Luxury Lifestyle

Aug 10 2016

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by Dominic Burke Margot Robbie grew up here and still calls it home, as does Mick Fanning. Gary Ablett has become one of the locals and Liam and the Hemsworth boys drop in from time to time. So it's little wonder that Sally Fitzgibbons, one of Australia's hottest surfing properties has decided to make the new jewel of the Gold Coast her residential address. [caption id="attachment_3850" align="alignnone" width="1500"]Lobby, Jewel Lobby, Jewel[/caption] Sally has signed on the dotted line for an apartment in Tower One of the multi-phase $1 billion development, the realisation of the vision of China's wealthiest man Wang Jialin to create a spectacular absolute beachfront landmark on the Gold Coast. His massive Dalian Wanda Group has entered into a joint venture partnership with Ridong Group and together they have enlisted Brookfield Multiplex to build Jewel encompassing 512 luxury apartments, 171 hotel rooms and a luxury retail precinct. [caption id="attachment_3853" align="alignnone" width="1500"] Jewel Living Room[/caption] In essence, Jewel is set to redefine the parameters of ultra luxury on the Gold Coast. Spread over more than 1.2 hectares with 130 metres of absolute beachfront this is a development that is creating extraordinary levels of interest even by Gold Coast standards. "It's worth pointing out Jewel is at the heart of Australia's premier tourist destination in a region with a population growth rate of 2.3 per cent per annum compared to 1.6 per cent across Australia. Stage 1 has quickly sold out with prices ranging from $674,000 to $5 million with an average of $1.5 million," said Nick Clydsdale, CBRE's director for Residential Projects on the Gold Coast. [caption id="attachment_3852" align="alignnone" width="1500"]Living Room Living Room[/caption] "The price points for Stage 2 of Tower One are similar although the starting points for this stage have crept up in response to increased interest in the project - and moving into Tower 2 the sales are fantastic. Stage one of Tower 1 has sold out and we've just released stage two of Tower 1 last week. That's already hit the 125 sales mark last week. That close to $200 million in sales." "This is a lengthy process because of the sheer scale of the project and we are following a roll-out strategy selling as the various phases move towards fruition. In fact we are saving Tower 3, the premium boutique tower, for last and I can tell that is going to be something special. Design development looks amazing," Nick said. [caption id="attachment_3844" align="alignnone" width="2000"]Bathroom Bathroom[/caption] When it comes to purchasing property, Sally Fitzgibbons, at 25 years old, is already an established market investor. Currently ranked number five on the WSL rankings, Sally recently sold her home in Gerroa on NSW's South Coast for $1.1 million, generating a 100% return on her initial 2009 investment of $515,000. And off the water she's never been busier having penned a best seller Live Like Sally and racking up endorsements and tour winnings of more than $200,000 to date this season. Sally is also launching a new fitness app, Train Like Sally later this year. Sally's retinue of supporters includes Roxy, Red Bull, Beach Toes, Firewire, Motorline Mini, Model Co, Waxaway, Gorilla, Samsung, X-Dubai and Land Rover. [caption id="attachment_3845" align="alignnone" width="2000"]Bedroom Bedroom[/caption] While Nick and the CBRE team are finding a roughly 60/40 split in terms of offshore and domestic investors " a Sydney couple purchased a three-bedroom apartment for $5 million on level 38, while a buyer at our Hong Kong launch paid $2 million for a two-bedroom apartment on level 26 - there is a consistent strong interest by experienced investors in this market. "Buyers in Stage 1 are predominantly those who have bought successfully before," Nick said. "We've seen a lot of people who have bought luxury property successfully in other parts of the Australian Eastern seaboard. It's not their first buy. These are people who have bought properties from CBRE and are on our buyers' database. These are sophisticated early adopters - people who understand the under supply of short term accommodation on the Gold Coast and want to leverage off the Wanda hotel brand coming to the development as well." [caption id="attachment_3846" align="alignnone" width="2000"]Kitchen Kitchen[/caption] Then there is the influence that China's wealthiest man brings into play. Ranked by Bloomberg as one of the "Most Influential 50 in the World" one of the "Top 10 Global Self made Billionaires" by Wealth-X and "The Best CEO in Asia" by Asia Corporate Governance, Wang Jianlin is a giant on the Chinese property stage. Offshore buyers follow his every move and act accordingly. With ultra luxury residential and resort developments taking shape in Beverley Hills, Chicago, London, Madrid and Sydney, Wang Jianlin approved the siting of Jewel based on a combination of emotion and calculation. It's at the heart of a precinct that boasts an enviable quality of life, clean air, good schools and hospitals and a massive injection of infrastructure in the fastest growing city in Australia. And as an absolute beachfront it has an outlook on natural beauty that's hard to beat. The fact that they Dalian Wanda is retaining ownership in the 5-star-plus plus hotel as an asset and ongoing interest clearly demonstrates how much faith they have in the Gold Coast and in Jewel in particular. [caption id="attachment_3847" align="alignnone" width="2000"]1 Bed Living Area 1 Bed Living Area[/caption] Underling the overall levels of interest in the Gold Coast Nick said, "The most recent Urbis report for New Unit sales on the Gold Coast shows volumes are up 50% compared to 2014 and the average median price is sitting above an 18-month average and there is a strong and consistent level of interest flowing in from overseas, particularly sophisticated Chinese investors." Add to that the Commonwealth Games acting as the catalyst for a $9 billion investment in infrastructure and by any standards all the property investment fundamentals remain strong compared to other capital cities. [caption id="attachment_3856" align="alignnone" width="1991"]Kitchen and Living Room Kitchen and Living Room[/caption] "All of these major infrastructure projects are coming a reality and it's even more of a drawcard for Australian residents to move here permanently or spend their tourist dollars on the Gold Coast, especially with the permanently a low Aussie dollar," Nick said. "We are experiencing vacancy rates under 1% and a chronic undersupply of accommodation for both temporary and permanent residents. Add to that the strong capital growth off the back of all this new infrastructure and burgeoning employment. [caption id="attachment_3851" align="alignnone" width="1500"]151201 - Jewel - V05 - Final 5000 Kitchen and Living Area[/caption] To really amp up the spotlight on Surfers Paradise it has been recently caught the attention of the world's uber rich. Cited in a recent Wealth Report Surfers Paradise is now regarded amongst the mega wealthy as one of the globe's most alluring sites to establish a second home, joining the ranks of Monaco and the French Riviera. "They are not building any more beachfronts here " that's a finite commodity," Nick said. "And right on the broad sands on the Gold Coast, Jewel is the best of the best." [caption id="attachment_3857" align="alignnone" width="2000"]Aerial Photo Aerial Photo of Jewel[/caption]   Contact Nicholas Clydsdale on nicholas.clydsdale@cbre.com.au  

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