Drift apartments defying slump in property sales
A $70 million beachfront apartment and villa project on the upmarket Casuarina Beach estate is defying a nation-wide property slump, says developer APH Properties.
APH managing director John Wilson said despite the negativity in the property market, sales of residential units in the Drift project were "ticking along like a heartbeat".
He said about half the buyers are from Sydney seeking a sea change, with the remainder coming mainly from the Gold Coast and Brisbane.
Mr Wilson was speaking at the start of construction of stage four of the project which includes 45 one, two and three-bedroom apartments priced from $330,000.
The release comes as APH announced it had sold 80 per cent of its stage-three apartments, comprising a total of 37 sales valued at $24 million - with a further eight remaining on the market.
The first two stages - construction of 24 villas - is due to be finished next month.
Only three of the villas remain unsold at prices ranging from $535,000 to $575,000, while the apartments are quickly selling off the plan.
Mr Wilson said the two-level villas had an open-space design, with 3.1m ceilings in the master bedrooms and a 5.3m wide main living area.
The apartments are orientated around two resort-style lagoon pools, with most groundfloor apartments having direct terrace-topool access.
Upper levels feature views to the 3.5km stretch of coastline in front of the $650 million Casuarina Beach development.
PRDNatiowide's senior project manager Tony O'Neill, marketer of Drift, said sales had remained strong.
"Generally sales on the Tweed Coast have slowed since Christmas but the Drift apartments continue to see strong results," he said.