Billionaire Rich Lister Sam Arnaout is betting on the Gold Coast property market thriving beyond the current construction malaise after securing approval to build a $250 million high-end apartment tower overlooking the beach at Surfers Paradise.
The Broadbeach project has racked up $200 million of apartment sales since launching – a sign of confidence in Mr Arnaout’s ability to turn projects into reality amid a surge in construction costs and labour shortages that have already claimed one major project, aA Broadbeach,” Mr Arnaout said after getting the green light at Garfield Terrace.“We see long-term positive fundamentals for the Gold Coast. It’s a very desirable place to live, and migration is very strong.
At 71 Garfield Terrace, Iris Capital will target the wealthy end of the Gold Coast buyer market, including downsizers and families seeking large residences or holiday homes.