Kingston penthouse proves popular

  • Kingston penthouse proves popular image

The jewel in the crown of Englobo Group’s $60 million Kingston foreshore development is set to go onto the market within a month.

The lavish penthouse suite, which has panoramic views across Lake Burley Griffin, is expected to sell for close to $2 million.

Englobo Group chief executive Terry Shaw said the company had decided to hold off selling the penthouse until the flagship Aurora project had been completed.

The rest of the boutique project apartments had been available as off-the-plan purchases.

“We’ve got a few people interested but we wanted to wait until it was finished before we put it onto the market because it’s the premium apartment of the entire project,” Mr Shaw said.

The Aurora development was Englobo Group’s first project following the company’s formation.

It has proved a popular choice among those wanting a luxurious lakeside lifestyle and only six of 69 units remain unsold.

Mr Shaw said buyers have included Canberrans and people relocating from Sydney and there was a high proportion of occupier owners.

He said the company had wanted to do justice to iconic locations in Canberra and raise the bar for those living in the apartments.

“We’ve just finished and we’ve only got a handful left and that’s a pretty good position to be in in this market in Canberra,” he said.

“We want to make it a liveable city where people are proud of it – and I think we’ve done it.”

The residential market was challenging at the moment and it was important to have a unique and compelling offering in order to make sales.

He said the company was still deciding how to market the best property in the development but it was anticipated it would be sold for between $1.8 and $2 million.

Mr Shaw said construction was just beginning on Englobo’s second foreshore development, Element.

Aurora, located in between Eastlake Parade and the Harbour Boardwalk, was designed by Cox Architects and interiors were completed by Sydney’s BKH.

Article courtesy of The Canberra Times, to view the original article please follow the link below.

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