Choice Homes breaks ground at Coomera Marine Precinct apartment development, Oakey Bay
The longtime local South East Queensland home builder turned apartment developer Choice Homes has broken ground at its $100 million Coomera apartment complex, Oakey Bay.
FKG Group is constructing the first stage of the three-tower project within the Coomera Marine Precinct, which will see 54 apartments created in Riverside Tower. Around 90 per cent of stage one are under contract, from a mix of local and interstate buyers.
The build will take place across three stages, creating over 167 apartments upon completion, along with providing a boost for employment in the region for trades, supplier and local businesses for the projected, next three to four years.
Completion has been slated for mid-2023 for the first tower, with remaining apartments priced from $527,000.
Choice Homes Group Director Troy Knight says the company had engaged with several builders in a selection process, which eventually identified FKG as the ideal contractor to meet the demand for housing in the northern end of the Coast.
“Choice has extensive experience building smaller-scale apartment projects, which have won awards, but thought it best to engage a well-reputed leading contractor for something of this size as it will be the largest in the area,” Knight says.
“FKG have a long history in the industry and are known for delivering outstanding building and engineering projects across Queensland, NSW, and the Northern Territory, so are well equipped to deliver what we’re after."
Oakey Bay will comprise a mix of two and three-bedroom apartments, averaging 110 sqm in size, set amid a resort-style environment which will home two pools, a tennis court, barbecue facilities, and a gym.
According to a recent report by Urbis, demand for homes, including high-density accommodation, has outstripped the existing property market.
The report identified a shortage of land has led to a surge in apartment sales across the Gold Coast - of up to 97 per cent in 2021 – reinforcing the decision for the developers on the location and timing of the project.
The family-owned developers won the 2018 Housing Industry Association Apartment Complex of the Year Award for its 101 Pohlman Street development in Southport.