This article first appeared in City & Country, The Edge Malaysia Weekly on August 7, 2023 - August 13, 2023
Malaysian Resources Corp Bhd’s (MRCB) wholly-owned subsidiary, MRCB International Sdn Bhd, will launch its latest project in Australia’s Gold Coast this month. Known as 26 Vista, the residential development comprises a high-rise apartment building and several townhouses.
In Malaysia, 26 Vista will be launched in collaboration with JLL Property Services (M) Sdn Bhd on Aug 12 and 13. The development has already been launched in Australia, China, Taiwan and Hong Kong.
According to MRCB Australia Holding Company Pty Ltd senior sales executive Aiman Saripuddin, the design concept of 26 Vista capitalises on the subtropical climate of the Gold Coast. MRCB Australia is a wholly owned subsidiary of MRCB International.
“Building a development near the sea is very different from building one in the city, mainly because of the salt water and humidity. So, a lot of thought went into designing the building by taking into account its position, which is between the beach and Nerang River,” he says.
“The apartment tower and townhouses are oriented towards the east to take advantage of the sunlight and ocean breezes, while cross-ventilation pathways that have been introduced throughout the residences and in communal spaces that allow for greater airflow,” he adds, pointing out that the design is in accordance with MRCB International’s plan to reduce reliance on air conditioning.
Situated on a 0.766-acre tract along Vista Street in Surfers Paradise, 26 Vista will offer 274 apartment units and six 3-storey townhouses. The apartment units, of one to four bedrooms, and the townhouses of three bedrooms, will have built-ups of 65 to 557 sq m. The two- to four-bedroom units, including the townhouses, will be entitled to one or two parking bays each.
The selling prices of the homes range from A$605,000 (RM1.8 million) to A$2.106 million, while the service charge starts from A$93 a week.
Aiman says the units in 26 Vista come with views of Gold Coast Beach and the ocean to the east and north, as well as the hilly side of the city to the west and south.
The units will be partially furnished with oak flooring, carpeted bedrooms and fittings for the kitchen and bathrooms. They will also be equipped with energy-saving V-Zug appliances.
Facilities in the development include a co-working space on the ground floor, a pool, spa, barbecue area, outdoor lounge areas, gymnasium, sauna and steam room, massage rooms, yoga deck, cinema room, games room and resident’s lounge on Level 4, and an exclusive indoor and outdoor lounge with fire pits and a plunge pool on Level 51.
Aiman says 26 Vista is not situated by the beachfront, but rather closer to the beachfront properties of Gold Coast.
“Surfers Paradise is where 26 Vista is located in the heart of the Gold Coast. It is also located directly in front of the Northcliffe light rail station, which is part of the Gold Coast Light Rail that connects Broadbeach South with Helensvale via Surfers Paradise and Southport,” he adds.
“The rail line is going to be expanded all the way to Brisbane Airport in a couple of years. With the upcoming Olympics, which will be hosted in Brisbane, the infrastructure of Gold Coast, and Queensland in general, is bound to be upgraded.”
Well-known tourist spots in close proximity to 26 Vista include John Fraser Memorial Park, Remembrance Park, Thornton Towers Park, BMD Northcliffe Surf Club, Pacific Fair Shopping Centre, Gold Coast Convention and Exhibition Centre, Lakelands Golf Club, Harris Farm Markets, Nerang National Park, Sea World, Gold Coast Regional Botanic Gardens as well as laneway bars and dining experiences in Surfers Paradise.
Aiman says the location of 26 Vista will appeal to local and international buyers. “For Australians, living by the beach is the ideal thing. They just want a piece of that sunshine and Gold Coast, whose coastline is popular with surfing and beach activities.
“Gold Coast’s weather is another factor why people like to live here. It is on average 20°C every day, so it’s sunny but breezy at the same time. Also, it doesn’t rain that often. As it is basically a go-to place for that coastal experience, we leveraged that by developing something that can be used for everyday living as well as a holiday home.”
The developer is targeting a wide range of buyers for this project, says Aiman. “For the two-bedroom apartments, we’re targeting first-time homebuyers. With the option of remote working on the rise, we have noticed that a lot of Australians have migrated from Melbourne, Sydney and Adelaide to the Gold Coast. The three-bedroom units are mainly to cater to downsizers while the one-bedroom ones are popular among investors.”
In terms of price point, Aiman explains that the development is not directly by the beachfront, so buyers will not have to pay beachfront property prices. He points out that some beachfront properties have an average price of A$20,000 per sq m, whereas 26 Vista has an average price of A$12,000 per sq m.
Based on the developer’s analysis, the expected rental yield for the development is about 5%, he says, adding that one-bedroom apartments currently fetch rents of up to A$700 per week.
For international investors, there is a 5% rental guarantee for two years on the developer’s end, says Aiman. Foreign investors who buy Australian properties are required to pay an additional stamp duty of 8%.
According to the JLL 4Q2022 Australia Apartment Market Overview report, the Gold Coast property market performed well in 2022 due to an increase in post-pandemic lifestyle migration, a rebound in the tourism sector and a shortage of land that has increased house and land prices.
Despite the economic uncertainty due to rising interest rates in Australia, the report states that the Gold Coast apartment market has multiple favourable tailwinds this year, which could support demand for apartments for the rest of the year. These include strong interstate migration, recovery of the foreign investor market and growing domestic investor activity.
Next year, MRCB International will launch a mixed-use development in Auckland, New Zealand, called The Symphony Centre. It will comprise luxury apartments, office buildings and several retail components, which will be integrated with the upcoming Aotea railway station.
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