Australian Financial Review

Sammut Group and Multiplex confirm $200M Gold Coast project on track for delivery.

Read the published article Here

Sydney-based luxury developer Sammut Group and Australia’s largest builder Multiplex have confirmed the $200 million absolute beachfront project, COAST, at Northcliffe on the Gold Coast, is running to schedule.

Sammut Group CEO Allen Sammut, said despite the challenging construction environment, the project is moving ahead as intended, with construction set to commence ahead of schedule.

Sammut Group is undertaking the project with financier Alceon Group, and in March this year appointed Multiplex to construct the building.

“There is no doubt this is one of the most challenging times our industry has experienced, but we have a great relationship with our builder Multiplex, and we’re all invested in seeing this landmark project come to completion,” said Mr Sammut.

All but a handful of the 50 apartments over 35 levels designed by PBD architects are sold, achieving a record-breaking average price of $5.25M per apartment since launching to the market in late 2021.

Demolition is underway on site at 43 Garfield Terrace, with construction expected to commence by the end of August, taking around two years to complete.

In addition to delivering one of the most luxurious addresses on the Gold Coast, COAST will also facilitate the upgrade of the adjacent Sydney Hamilton Family Parkland.

Sydney-based Sammut Group is a third-generation family business, originally starting as builders and moving into development, with a diverse portfolio of 200 homes and lifestyle-driven projects delivered in some of Sydney’s most iconic locations over the past 40 years.

With COAST, the multi-award winning Sammut Group is striving for a new Gold Coast benchmark, creating a building with a vast array of amenities including a pool that wraps the entire eastern and northern frontages of the building; and sophisticated home automation system that controls every aspect of the apartment from an app.

Cabanas and lounges, a barbecue entertaining area, wellness facilities including a yoga studio, massage rooms and sauna, function facilities, a residential beach bar with breakout areas and a commercial-sized gym are also on offer.

COAST’s building partner Multiplex has delivered several of South East Queensland’s most high-profile developments, including Destination Gold Coast Tower 2 at Star Residences, Queens Wharf Brisbane, Jewel Gold Coast, and the W Hotel Brisbane.

“Multiplex is excited to get going on this iconic new project. We have worked closely with Sammut over the past few months to finalise a design and ready ourselves to commence construction. We are looking forward to starting on site in the coming months,” said Multiplex Regional Director, David Redding.

Sammut Group COO Julian Sammut said the company felt buoyant about the next phase for the project and looked forward to seeing the building begin its ascent.

“This is one of those projects that has enabled us to really embody the craftsmanship and attention to design that our company was built on and is known for – it’s the kind of project you’d want to create every time given the right circumstances.

“We came into this project to deliver, and having the strength of Alceon Group beside us financially and Multiplex as our builder partner is very reassuring, and we believe our buyers take a lot of confidence from that,” he said.

Mr Sammut expects the project to generate around 400 jobs during construction.