High-rise paradises turn heads at Surfers

A site tour of a building claimed to be the world's tallest apartment tower was the highlight of a gathering of leading New Zealand property representatives in Australia last week.

Q1, the 80-level 527-unit tower in the heart of Surfers Paradise, is almost completed. Many of the 200 delegates at the Property Council's conference visited apartments on the level-61 showroom area to take in the sweeping views of the Gold Coast, marinas and waterways beneath.

The conference was held at the Sheraton Mirage Resort & Spa at Main Beach, but the developers, investors and consultants visited some of the largest new apartment developments nearby.

Sunland Group's Q1 tower drew admiration from the New Zealanders for its boldness, striking presence and glass-enclosed balconies.

The tower has glass-encased hanging gardens starting 57 levels above ground. Two double-level penthouses, selling from A$5 million ($5.4 million), sit atop the garden and some of the sub-penthouses look in on the garden.

Sunland, which this month announced a A$67.2 million annual profit, is also in a joint venture to build a Versace hotel in Dubai.

Delegates also visited the nearby three-tower A$400 million Chevron Renaissance apartment development by Raptis Group.

This Surfers Paradise development of 40 to 50 levels has its own shopping village at street level and a series of pools and a beach on a podium on level six.

Delegates heard optimistic predictions about the future for New Zealand property investments from council president Greg Whitten, who cited the sale of a building which went for $2.2 million four years ago and sold for $11 million last month. He said it was an indication of the strength of the market and the way prices had increased lately.

Australian Alan Patching - former chief executive officer of the organisation which owns Sydney's Olympic Stadium - spoke of the challenges of putting up the buildings for the Games.

Jeff Oughton, head of economics and industry for National Australia Group, predicted a softening of the New Zealand economy between now and 2008 but said infrastructure, transport and logistics, superannuation and telecommunications would be growth industries.

Peter Coman, managing director of consultants Jones Lang LaSalle in Auckland, cited the storage, aged care and hotel sectors as potential growth areas.

www.sunlandgroup.com.au

www.chevronrenaissance.com.au