Upmarket units still hot property

The Maili apartments at Rainbow Bay have been selling strongly.

THE economic downturn has not stopped cash-up buyers from spending $7.5 million on luxury apartments at the $20 million Mali development, planned for Rainbow Bay.

While construction of the 10-level apartment complex and four townhouses by Tweed company Nu Developments is yet to begin, the pre-sales show that despite the global credit crunch, the heat is still on the luxury apartment market.

This trend is also reflected in sales figures for the past six months of 2008 when there were fewer unit sales under $1 million in the border area stretching from Coolangatta to Banora Point, while sales for units valued at more than $1 million remained steady, according to the report by real estate analysts Colliers International.

“Many interesting purchasers have been drawn to the luxury development for the apartments' prime location close to the beach and still within a close proximity to the Coolangatta shopping and dining precinct,” said marketing agent for the project, Ross Paddision.

So far one of two multi-level penthouses have sold for an undisclosed sum and two three-bedroom townhouses, which have a private yard and plunge pool, have sold for $1 million and $1.3 million.

One of the five single-floor “sky homes” has also sold for $1.6 million.

The Eden Avenue development will be 100 metres from Rainbow Bay Beach and will welcome small pets.

A 14-metre lap pool, a poolside teppan yaki barbecue and alfresco dining area and high-tech security system, is offering owners the chance to be hands-on in designing the internal layout and finishes of their apartment, according to Tweed builder Craig Paddison, who is developing the property with surf legend Doug Warbick.

“It is very rare to have this design influence over an apartment in developments like Mali,” said Mr Paddision, who also owns construction company the Best of Builders.

“Purchasers will be able to decide on elements of the apartments including kitchen design, floor coverings, colour schemes, light fittings, wardrobes and bathrooms and fittings.

“We want our purchasers to be 100 per cent happy with the apartments they are living in, and the ability to design the features of the apartments will help us achieve that.”