Port Douglas Development - Far From Over
Recently the Cairns Post reported that the building boom in the
Far North hit $6.9 billion.
Here in Port Douglas we can't really put a figure on it but
speculation has the number around $2 billion.
This includes the $20 million being spent by the Ray Group on
the revamp of the Sheraton Mirage and the construction of Bale,
which is well under way. Quite impressive for a sleepy seaside
town and confirming that the building and development period is
far from over in Port. We have seen a large number of various
quality developments getting up and running during the last few
months, with many more in the pipeline. To us here in Port
Douglas, we find this most encouraging that developers and
finance companies are visually expressing great faith in our
little village. Back on the highway, when driving North from
Cairns International Airport, the Southern end and entrance to
Port Douglas is about to see some major changes with the start
of construction on "Volante". Claiming to be the biggest resort
in the Douglas Shire,set on a massive 87 acres, Stage 1 alone of
this development will comprise 94, 5 star two bedroom, dual key
courtyard and lakeside villas. On completion sometime by 2008
Stage 1 of Volante will trade as the Grand Pacific Resort Port
Douglas. Meanwhile closer to town and the fabulous Four Mile
Beach - the boutique development market is also enjoying
unprecedented interest, with small but luxury fitted 2 and 3
bedroom apartments with low overheads and freedom of use
available for the purchasers: giving them more flexibility with
the end use. These include: "360" proving so popular of which
only 3 villas remain, "Serenity" located in a very desirable cul
de sac and offering real value for money, "Temple Moon" well
under construction with only 4 villas remaining, And of course
Sea Temple which is now approximately 50% constructed and
sold.We have noticed some of the more expensive ( i.e. million
dollar plus apartments and developments) have slowed
considerably in the number of sales and this simply appears to
be market adjustment whilst people sit back and analyse returns
on investment as opposed to the last 4 years of high capital
growth. Basically the market is compressing bottom level prices
are still rising and very buoyant and the top end has leveled if
not showing signs of marginally retreating.
None of the above is discouraging the buyers of Lagoons, which
has proved extremely popular - especially with the developer
reducing prices by over $100,000 resulting in rocketing sales
for the last 2 months. Investors have been quick to buy 3
bedroom fully furnished brand new apartments in an
architecturally brilliant building for as little as $395,000 -if
you are thinking "that sounds like a bargain" you best hurry
very few of these remain.
Further the old "Havana" site which unfortunately never got off
the ground -not incidentally because of lack of sales- is now on
the market as a partially developed site and will bear watching
closely,
The "Gekko" site has been restructured and we understand approx
35 exclusive condominiums with a huge pool is scheduled to
proceed some time in 2006. Of course this is a beachfront
location and prices will without doubt reflect accordingly.
Another prime development is the Coconut Grove site by Juniper
located only 50 metres from the beach in Macrossan Street. But
by far closest to the town and cosmopolitan main street is
Shangri-La Port Douglas. Receiving many strong enquiries this
top end high quality development featuring 2 lagoon style pools,
and 27 two bedroom apartments with spa room and gymnasium.
Located only a stones throw from the beach and main street. The
developers are offering a guaranteed 7% gross return and have
had previous success in Port Douglas with The Meridian which is
showing excellent returns. Buyers can gauge a fair idea of the
quality that Shangri-la Port Douglas will offer from inspecting
The Meridian and the developers are more than happy to use The
Meridian as their yard stick. Apartments still available in the
$600's. This building and development phase should come as no
surprise especially when you take into consideration the latest
tourist statistics to the region showing a 19.6% increase in
international visitors to Port Douglas. If you take a long term
view of the market, there really is no downside to investing in
Port Douglas.