Progress at The Parc gives Sunland some southern comfortApril...

Progress at The Parc gives Sunland some southern comfort
April 4th, 2009

THE Sunland Group has started construction of the first lakefront homes at The Parc, a Tugun estate which marks the developer's residential debut at the southern end of the Gold Coast.

Eight two-level homes are part of the 24-home second stage of The Parc, which is being built near John Flynn Private Hospital.

The 40 homes in stage one sold out in January and most settlements, collectively worth $18 million, have occurred.

Sunland general manager David McMahon said the stage one sales were almost evenly split between owner-occupiers and investors.

"The speed with which the stage sold out illustrates that there is an unsatisfied demand at the southern end for the quality and type of lifestyle offered at The Parc," he said.

"We've already secured eight sales in stage two, even though it will be weeks before we have any finished homes to show buyers."

Mr McMahon said the buyer demand extended to rental demand.

"Everything available at The Parc has been leased and we've been surprised by some of the rates achieved -- more than $450 a week," he said.

"That means, that, with the combination of lower interest rates and higher rents, investors are seeing their best results for years."

The homes in stage two, which will all be two-level, start at $425,000 and peak at $599,000, the top tag on lakefront properties.

The community, which will have six private parks, will ultimately have 187 homes.

A lake at its western end will be circled by a walkway and cycle track.

The three-bedroom attached homes will have air-conditioned living areas, parking for two vehicles, kitchens with stone benchtops and natural gas cooktops, tiled living areas, walk-in wardrobes and ensuites.

The Parc's resident facilities include two pools, a steam room, and barbecue areas.

A display home is open from 10am to 5pm daily.