Reside Communities is set to raise the bar in village pricing strategies and resident expectations, and being rewarded with 50% sale price increases.
Esperance Hope Island, on Queensland's Gold Coast, is challenging the standard retirement village accommodation and service model. It is establishing a six-star hotel resort experience that supports most apartment being priced at 80% of the price of residential apartments nearby, with larger homes including penthouses at par or higher.
Residents have a 50% share in any profit or loss.
"Build what the Baby Boomers want, and they will pay,” Glen Brown CEO and Founder of Reside Communities said. “We have seen terrific sales price growth. A penthouse in Stage 1 initially pre-sold in 2022 for $1.3 million before construction completion, then came back to the market and was resold in late 2023 for $1.95 million”.
Retirees from New Zealand, NSW and Victoria, even land lease homeowners at nearby Halcyon Waters, have made Esperance their home.
Stage 1 is sold out and the 77 apartments in Tower 2, where prices are 30% higher due to construction cost increases, is 50% pre-sold. Tower 3 construction will start before the end of the year.
The Reside team have targeted the top end luxury apartment market in product and pricing. Strategically they have been to almost every inspection open day of luxury residential apartments in the region to identify the latest trends.
The apartments in Stage 2 reflect the latest influences.
Almost 1.2ha of open space has been allocated on the podium level between the three tower stages for residents, their families and friends, with cabanas, recreation areas, barbecues and beautiful greenery.
Reside Communities was formed in 2018 with the backing of GreenFort Capital, a Brisbane-based real estate funder and Hong Kong property fund manager Gaw Capital Partners.
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