Kervale secure 50% of sales at both Brighton apartment projects
Developer Kervale has seen a strong uptake in both of their off the plan, under construction apartment developments in Bayside Brighton.
They've achieved the milestone 50 per cent sold status at their ESSENCE project, the $25 million worth of sales primarily driven by rightsizers, and their more affordable project Mode de Vie.
Both projects are currently under construction, with neither requiring a set amount of pre-sales due to Kervale being a privately-funded developer.
Kervale Managing Director Rob Moolman says the ability to see the project out of the ground and that it isn’t a waiting game has been a key deciding factor for some buyers.
“Confidence is everything in this market and buyers are hesitant to buy off the plan if they don’t know who is building their future home, or what the timeline looks like," Moolman says.
"Buyers want the confidence that their home will be delivered as promised and this is becoming more evident in the current economic climate.”
Mode de Vie, located in and around Brighton's bustling community and shopping streets, offers a more affordable entry into the Brighton market compared to both ESSENCE and other competing Brighton apartment developments.
There's extensive customisation opportunity at Mode de Vie, something which Moolan says is very rare.
“We believe that it is very rare to find an apartment where you can customise a residence to such an extent, at such an attainable price point, with such a strong environmental focus,” Moolan says.
There are a number of energy efficient features at Mode de Vie, including electric vehicle chargers, solar panels and a battery backup pack, which will lead to significant savings for the purchaser in the long term, and allow owners to charge their EV vehicles from solar power.
On the other end of the spectrum, the penthouse within ESSENCE is one of the suburb’s most expensive apartment sales to date, selling for $10.2 million to someone currently living in Hawthorn.
“Even with the increased price tag, the people buying in ESSENCE are also looking for a connection to a thriving shopping strip, communal amenities that enhance their apartment living, and spaces that enable them to express themselves," Moolman added.
"We have two very unique projects on either end of the price scale and both are doing exceptionally well in the current market."
ESSENCE is due for completion in late 2023 and Mode De Vie is due for completion in the second half of 2024.