Sydney apartment king Harry Triguboff is so confident of Surfers Paradise he has bought a second major site where he plans a $600m twin-tower development of 700 apartments — half of which he will retain for himself.
The multi-billionaire founder of Meriton Apartments said the site on The Esplanade would house two residential towers of 55 levels.
“One of the towers I will keep for myself and rent out, and with the other tower I will sell the apartments,” Mr Triguboff told The Australian this week.
Meriton has exchanged contracts to purchase the site and is starting to prepare the plans. Mr Triguboff could not divulge the property’s address, citing confidentiality reasons on the vendor’s behalf.
Mr Triguboff likes developing in Queensland and is more than half way through the construction of his 76-level Ocean development, which is also on The Esplanade. Apartments in Ocean from level 33 start from $486,000 for a one-bedroom, one-bathroom unit.
“Queensland is booming,” said Mr Triguboff, adding that people were leaving Sydney for the Gold Coast.
“We are very confident (so) we purchased another block in Surfers Paradise on The Esplanade. Our present one is moving very well. We are on the 55th floor and will start offering our penthouses next month.
“Everywhere the more expensive units are moving (selling) better than the cheaper ones. ‘The reason is that there are not enough three-bedroom units around. But with the low interest rates, people can afford the dearer ones.
“In real estate the market is taking a breather, but we still have many sales. Remember that our prices are still very low and under the previous pre-virus peak.”
The developer predicts that, as life returns to normal, Meriton’s apartment prices should exceed their previous peaks and move higher again.
In Sydney, Meriton has just started building a new block of 270 units in Epsom Road, Zetland opposite the new Olympic pool. “This is moving well,’’ he said.
“We also started a new 207-unit block in North Ryde in Cottonwood Crescent which has 207 units which we will be opening next month.
“Serviced apartments are moving well. Three hundred and twenty will open in Surfers Paradise at the end of June and another block will open soon in Carter Street, Homebush in Sydney.”
But the apartment titan reiterated his call for more migrants, foreign students and workers to migrate here.
“Without migrants, workers and students, we are going backward,” he said. “Australia always depended on extra people and it will never change. We are a huge continent with great natural wealth and it will always require more young people.”
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