Rhapsody luring local investors

The pace of sales has accelerated in the $120 million Rhapsody apartment tower development in Surfers Paradise as local investors increasingly make their presence felt.Buyer activity has seen $14 million in sales since June for the project at Surfers North where construction has reached the fourth floor.More than half of the building’s 25 studio apartments, priced from $280,000, have already sold with buyers encouraged by the lack of comparably priced stock in the area and strong potential returns.On schedule for completion by December 2015, Rhapsody will comprise 223 apartments across 41 levels overlooking the ocean at Narrowneck Beach.Project marketing agent Deborah Provost, of DP Project Marketing, said while overseas and interstate investors had dominated sales, interest from the Gold Coast and Brisbane was rising.“What we are seeing is a lot more interest from local investors, which is an encouraging sign for this market,” she said.Ms Provost said the developer, Ho Bee Land, had launched the project without a pre-sales requirement but with the expectation sales volumes would lift as the market improved.“The developer was well aware that this project was the first to be launched in the new development cycle and always knew sales would be relatively benign at the start,” she said.“However, Ho Bee Land has been pleasantly surprised by the take-up of apartments in recent months.“New projects that are launched in the next two years will generally be priced higher as the market improves and this has attracted locals to Rhapsody and its competitive pricing.“They know that prices will recalibrate to a higher level as more projects come online and demand increases.”Ms Provost said interstate investors had identified the Gold Coast’s value proposition compared with their ‘hot’ home markets.She said another driving force of sales was the city’s limited supply of new apartments.“There is not a lot of stock left on the Gold Coast; there are less than 10 apartments left in Soul and just a handful available in Oracle,” she said.“In the case of interstate investors, they want to have a second home here and there is good value here now especially in a Surfers Paradise project that sits next to the beach and a light rail station.”Ms Provost said all sales to date were unconditional with more expected to flow from numerous expressions of interest.Prices in Rhapsody start at $280,000 for studio apartments to $867,000 for high-level, two-bedroom configurations with north easterly aspects.Rhapsody’s 41^st floor Sky Deck will offer panoramic ocean and city views, private seating and dining areas, barbecue and food preparation area, herb and vegetable garden, and fruit trees.Down on the 27^th level, residents will have access to an outdoor terrace with seating and teppanyaki barbecues, a private dining and function room, an executive meeting room, and a fully equipped gymnasium, all boasting ocean views.The tower’s other facilities include a hotel-style lobby, ground-floor retail and dining venues, and a resort-style pool with spa and sauna.Established in 1987, Ho Bee Land has been listed on the Singapore Exchange since 1999 and is active in residential, commercial and industrial projects throughout Singapore.The company also has interests in London, Shanghai and Melbourne.It is recognised as a leader in the development of luxury private residences and its track record in this area is highlighted by its flagship masterplanned community Sentosa Cove, on Sentosa Island in Singapore.For more information visit the Rhapsody Experience Centre at 180 Ferny Avenue, Surfers Paradise,or visit rhapsodysurfersnorth.com.au.