Developer Ideal Property Australia is charging ahead with construction on its AU$70 million (US$52 million) Toowong-based luxury riverfront building, Banc Apartments, in a show of confidence in the Brisbane apartment market.
The developer has engaged Brisbane-based construction company McNab as preferred contractor to commence operational works and design of early works, paving the way for the 15-story tower to come out of the ground around mid-year, with 65 percent of the 33 luxury residences already sold.
The project’s remaining apartments include a garden home with a private 227-square-meter riverfront terrace and three-bedroom apartments with prices starting from AU$1.39 million (US$ 1 million).
Those in the market for a penthouse-style residence can secure the full-floor, 455-square-meter Sky Mansion atop the building, with the option to work with WMK Architecture and SJB Interiors to customize the abode at no additional cost. The developer has recently released a second full floor option as an alternative to the Sky Mansion, priced from AU$4.45 million (US$ 3.3 million).
Ideal Property Director John Li says the timing is right to push ahead with the project, which is the only new tower being developed along the riverfront Coronation Drive and one of only a handful in Brisbane to offer half- and full-floor residences in a boutique building.
Place Estate Agents is marketing the property, and construction is expected to be completed in late 2018.
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