$100m in sales leads way to final phase of Sanctuary Cove

Sanctuary Cove is entering its final phase of development off the back of an upturn in sales and improved local market conditions.More than $100 million in sales has been recorded across a broad range of waterfront, golf course-fronting and hilltop land within the community in the past year, according to resort owner and Executive Chairman of Mulpha Australia Limited (MAL), Seng Huang Lee.“While our decision to maintain our pre-GFC land prices during recent years resulted in a slowdown in sales at Sanctuary Cove, the current sales momentum and pent up demand has vindicated this strategy,” said Mr Lee, who was on the Gold Coast to visit Sanctuary Cove last week.“Buyers from the southern states are seeing incredible value in Queensland and overseas investors are taking advantage of Sanctuary Cove’s Foreign Investment Review Board (FIRB) exemption and a falling Australian dollar which is making it even more compelling to buy.“The rate of sales in recent months has certainly been pleasing. The release of 34 elevated home sites on Sanctuary Hills was met with unprecedented demand, selling out within a few months of launch and even before the site is complete.”Following a string of recent high-end deals at Sanctuary Cove, a Gold Coast-based buyer has outlaid $8.4 million on a super lot at the community.The buyer plans to build a luxury home on the 4,021 sqm site and has also purchased an additional two lots in Sanctuary Cove’s newest hilltop precinct, Sanctuary Hills.The super lot was placed back on the market last year after a previous offer to purchase had expired.Mr Lee said Mulpha was excited to deliver the next and final phase of waterfront and golf land as market conditions continued to strengthen.“Our immediate focus is on preparing the release of 32 exclusive lots directly overlooking the Arnold Palmer-designed Pines golf course.”“We have been the longest owners of Sanctuary Cove in its 27 year history having continued to invest in the resort for more than 13 years now.“People see real value here now when compared with Sydney or Melbourne and that drives greater activity in Sanctuary Cove.”“We think we are entering a very vibrant new phase in the cycle driven by improved property market conditions on the Gold Coast and in particular Hope Island,” he said.Sanctuary Cove is a resort-style master planned community, featuring two 18-hole championship golf courses, a 300-berth marina, InterContinental Sanctuary Cove Resort and Country Club including full fitness centre, tennis courts and 25m swimming pool.At the heart of the community is the Marine Village – Sanctuary Cove’s very own waterfront commercial, retail and dining precinct, with more than 80 tenancies.Mulpha continues to reinvest in the multi award-winning community, ensuring it maintains its enviable reputation of a world-class community with unparalleled lifestyle options.Mulpha Australia Limited’s other Australian lifestyle assets include One & Only Hayman Island off the north Queensland coast, the InterContinental Hotel Sydney, Norwest Business Park and Bimbadgen winery in New South Wales’ Hunter Valley to name just some. The complete portfolio of assets is available at www.mulpha.com.au.