Construction of the 35 floor Victoria Towers next to the Southport RSL on the Gold Coast was completed in March 2011, just when the Gold Coast housing market had stalled. Sales evaporated and stayed that way until its planned aged care facility was opened earlier this year. Now they are selling 20 new strata apartments a month at full price ($330K to $950K).
The big offer: residents are restricted to Over 50s, there is no DMF and they will have four floors of aged care.
Head of Sales, Jacki Taylor-Fox, tells us the take-up now the aged care is in place has been so dramatic they are fast tracking the expansion from one floor being fitted out to the full complement of four floors as originally planned. The developers engaged with Ross Humphries of AMACS to establish and operate the facility as a new care provider, named Noble Life.
The $250M Tower is a joint-venture between South Korean giant Lotte Engineering and Construction and Korean owned City Plan Partners. Rather than slash prices they have held on to the empty stock from 2011 to early this year.
