Mosaic in the news | 3 minutes
Rush on new apartments in Brisbane as housing demand bites
Mosaic Property
14/11/22
Published via realestate.com.au - 14/11/2022 DEMAND for housing supply in inner Brisbane has sparked $70m in sales in one apartment project in just six weeks, despite challenging market conditions.
Construction has been brought forward for Mosaic Property Group’s latest development, The Manning by Mosaic on Railway Terrace in Milton’s Park Road precinct, after the rush of sales to a mix of owner-occupiers and investors.
The $110m project features 113 two and three-bedroom apartments over 21 levels and the group’s inhouse building arm, Mosaic Construction, is set to start construction early next year.
Mosaic managing director Brook Monahan said having an inhouse construction arm meant the group could control project delivery timeframes, unlike many other developers.
“We have never failed to deliver a project we have put to market, and we continue to experience an extremely loyal following of our brand by an increasing pool of qualified buyers who, in many cases, will only buy from Mosaic,” Mr Monahan said.
“Consequently, while the buyer pool has reduced due to the current climate, we are fortunate to benefit through receiving a high percentage share of the strong demand levels for premium, well-located apartments in southeast Queensland and The Manning marks Mosaic’s seventh Brisbane release within just 3.5 years, at a combined value of approximately $680m.”
Three sold-out developments are under construction or close to completion, while The Sinclair in East Brisbane was completed in August.