Mosaic Fast-Tracks Coast Tower on Back of $90m Pre-Sales

South-east Queensland developer Mosaic will put shovels to dirt for the construction of the $160-million Lily at Broadbeach.

The developer has made $90-million in sales, which managing director Brook Monahan said had fast-tracked the start of construction on the site next to its sold-out $166-million Marella project.

Monahan said the project was on track to achieve sell-out in a comparable timeframe to Marella, if not sooner, due to the market’s confidence in Mosaic’s proven track-record of delivery, coupled with the lack of supply of high-end luxury apartment product on the Gold Coast.

“Based on the performance of our previous nine high-end developments released and delivered to the region, we were optimistic about the market responding positively to Lily,” Monahan said.

“That said, we didn’t expect such a tremendous result quite so quickly, especially before public release.

“Similar to Marella, the bulk of sales have come from our VIP database, including repeat buyers, referrals, and many who have been following Mosaic for some time now.”

▲ Mosaic is anticipating the project will sell out more quickly than its neighbouring Marella development at Broadbeach.

Monahan said consistency of delivery and buyer confidence was crucial in the current climate.

“By controlling every aspect of the development process, including having our own highly skilled construction arm, buyers have the critical assurance they need that their beautiful home will be completed and to the highest standards,” he said.

“Buyers are very conscious of the construction sector’s ongoing volatility due to supply chain issues and material and labour costs and, given this, much of the perceived supply will likely not eventuate at any point in the medium-term future.”

Lily is Mosaic’s third collaboration with Gold Coast-based Plus Architecture, who also designed Marella and Dawn at Mermaid Beach.

▲ The project will feature 98 apartments with views across Broadbeach and to the ocean.

The project comprises 98 apartments across 29 levels, which overlook Nikiforides Family Park and has uninterrupted ocean views.

It also includes a gymnasium, sauna, steam room, resort pool, barbeque and dining spaces, and a top-floor residents’ lounge with a kitchen, dining space, library, and workstations.

All six of the skyhomes have been sold off the plan at an average price of $3.3 million.

Lily is Mosaic’s 10th project on the Gold Coast in less than four years, chalking up $850 million of developments on the coast.

The developer has 12 active construction sites across south-east Queensland with a pipeline of 770 apartments to be delivered in the next two years.

Article source: Queensland Property Investor