The stage two settlements totalling more than $120 million took place this week at the Gold Coast’s most prestigious residential island development, Ephraim Island.
Located off Paradise Point, the $550 million residential development will comprise 348 waterfront apartments, 21 villas and 14 detached houses and has an anticipated completion date of 2008.
It is being developed by Mirvac Group and The Lewis land Group of Companies in joint venture.
So far more than $362 million in sales have been achieved involving in excess of 264 properties from the 315 released to date.
Ephraim Island comprises five individual residential precincts located throughout a landscaped, tranquil island environment.
They are called Marina, Inlet, Broadwater, Promontory and Reserve and each has its own ambience relevant to its location on the island.
The jewel in the crown of Ephraim Island are the Promontory Precinct beach houses with the first release of seven houses set to be completed later this year and priced from $3.725 million to $4.875 million.
A number of these have already sold and planning is well advanced for the final seven homes.
Construction is expected to commence before the end of the year for completion in late 2007 to early 2008.
By Kathryn O’Meara
