South City Square, a joint venture between Pellicano and Perri Projects in Woolloongabba has clocked up $190 million in sales across three buildings.
A new video of the $600 million masterplanned mixed use development has also been released.
Construction of the first two towers is now underway with the third tower commencing shortly.
The project’s advanced timeline has come during a time of perceived market turbulence, however Pellicano Managing Director Nando Pellicano indicated sales were continuing.
“We’ve just sold our 370th apartment from a total of 398 apartments across the first three residential buildings, including 80% of apartments in the latest third release, the Mews just weeks after public launch,” Mr Pellicano said. “We’re also 12 months ahead of the original construction program schedule.
This success indicates a stable market in which buyers are showing a preference for well-planned, amenity rich developments of a high architectural standard”.
South City Square is one of Brisbane’s largest masterplanned development project and will see the delivery of residential, retail, lifestyle and leisure amenity.
The developers also plan a end-to-end delivery scheme which allows for more of a vertical integration approach.
“Pellicano and Perri Projects have shown an ongoing commitment and significant investment into the long-term success of the retail tenancies via our retained ownership model, which has in turn instilled continued market confidence in our investors and retail tenants,” Mr Pellicano said.
Perri Projects’ Managing Director, David Scalzo said the sales success of South City Square reinforces the firm’s desire to consider the types of developments residents will gravitate towards in the future.
“This sales result only reinforces our commitment to planning, designing and delivering innovative product which capitalises on opportunities for our investors,” Mr Scalzo said.
“Woolloongabba has undergone a period of intense gentrification in recent years and South City Square is set to become a key part of this process, delivering a truly liveable, productive and sustainable community which has been designed with the future in mind.”
South City Square consists of five residential towers and one five star hotel tower, with each tower offering rooftop amenity and city views.
The masterplan provides provisions for 13,000 sqms of retail including a anchor supermarket, 8-screen boutique cinema, medical centre, health and wellness precinct, childcare centre, central markets, cafes, restaurants as well as landscaped surrounds.
A 5,000 sqm public accessible square is also planned which will offer alfresco dining, cafe searing and urban art.
South City Square is set to become home for over 2000 residents once completed in around 2022.