$40 million construction boom underway at Sanctuary Cove

A construction boom is under way in one of the last remaining waterfront precincts within Australia’s leading lifestyle community Sanctuary Cove.Almost $40 million in new homes are under construction in the exclusive Sanctuary Point precinct which offers some of the rarest waterfront blocks in Queensland.Building costs start from around $900,000 to a sprawling mansion estimated to be worth $4 million. A three-storey home, which has nine bedrooms, is currently under construction.Only six north-facing waterfront parcels remain for sale at Sanctuary Point with lots ranging from 650sqm to 1000sqm and priced from $1.75 million to $2.65 million.“This is the last available north-to-water waterfront precinct on the market at Sanctuary Cove and among the very few north-facing waterfront blocks in Queensland,” said John Hughes, the General Manager of Sales and Development for Mulpha Sanctuary Cove.“We’ve always experienced a steady run of sales across Sanctuary Cove over the past decade or so, but the pace has significantly accelerated over the past two years,” he said.“Demand for exclusive waterfront land at Sanctuary Cove has never been stronger and we’re effectively experiencing a boom in construction across the Sanctuary Point precinct to meet that demand.”Mr Hughes said the pace of development at Sanctuary Cove reflects the broader growth story under way across Hope Island which an Urbis report recently revealed is benefitting from more than $4 billion in public and private projects to cater for the area’s continued popularity with lifestyle buyers.“We all know there will come a time when there will be no more vacant residential land available on Hope Island, including Sanctuary Cove, and the market is starting to recognise this,” said Mr Hughes.“The latest release within the Sanctuary Point precinct presents the most diverse range of luxury homes ever released at Sanctuary Cove.“Some are nearing completion and some are ready to move in, and all of them bring a new level of style and luxury that has resonated with lifestyle buyers.”Sanctuary Cove has been the Gold Coast’s premier gated residential resort for more than 30 years, gaining an enviable reputation as the region’s most exclusive residential address.It is home to two championship 18-hole golf courses, the five-star InterContinental Sanctuary Cove Resort and the community’s beating heart, the Marine Village, which offers a host of dining and retail facilities.As long-time host to Australia’s biggest international boat show, Sanctuary Cove is also a boaties’ haven, offering public and private marine berths with direct ocean access north to Moreton Bay and south to the Southport Seaway.