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A chance to buy into the inner Circle
Gold Coast Bulletin | 27 December 2008
THE Sunland Group is clearing the decks for a 2010-11 return to high-rise development on the Gold Coast by launching a 'make an offer' campaign to sell the remaining skyhomes in its twin-tower Circle on Cavill.
The seven apartments are the unsold balance of 53 skyhomes in the elegant Surfers Paradise project and have been on the market at an average of $1.6 million.
Sunland, which completed Circle last year, is asking buyers to step forward with offers on the three-bedroom-plus study homes.
"We are entering a period of great opportunity in terms of securing A-grade high-rise sites and we want to clear the remaining Circle stock and move forward," said Sunland general manager David McMahon.
"Circle on Cavill's been a great project for us financially and carries no debt, so we're happy to negotiate on prices.
"We want to be able to focus clearly on future opportunities in the Gold Coast high-rise market.
"There are indications that some premier sites may be available in 2009 and we are positioning ourselves to buy."
Mr McMahon said Sunland, whose first Gold Coast tower, the Malibu, was built in the late 80s, hoped to have a new highrise project under way in 2010 or 2011.
"Our faith in the Gold Coast remains strong but we don't believe the market will be receptive to new high-rise projects in 2009," he said.
The campaign to sell the seven Circle on Cavill skyhomes replicates one launched in 2006 at Sunland's Q1 tower.
Thirty two subpenthouses sold in quick time at prices well below the original price.
"We believe the Circle campaign will be equally successful," said Mr McMahon.
"Astute buyers have been stepping forward in the past two months looking for bargains.
"The Circle skyhomes certainly come into the bargain category as they will be selling at rates a square metre well below those for off-the-plan stock currently available.”
The seven 'make an offer' Circle skyhomes average 200sq m and have been priced from $1.395 million to $2.02 million.
They start at level 55 in the 70-level northern tower.
Circle, with the 40-level southern tower, has 645 apartments and is the tallest twin-tower apartment project in Australia.
It includes a retail, dining, office area, and an open-air piazza.
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