Construction of Canberra’s tallest residential tower will start this year after stronger than expected interest from buyers.
Geocon’s 88-metre tall tower Wayfarer has already sold 140 of its 235 apartments ahead of the official release to market on the weekend.
The strength of interest in the apartments has dramatically altered the initial timeframe for the build.
“The intention now is to kick it off this year,’’ Geocon managing director Nick Georgalis said.
“We always look at a realistic scenario. We had it programmed to commence in 2015 but the strength of the sales and the response from the market means we can bring that forward.’’
He estimated they would only need another 30 sales, totaling 170 units, to get the build underway.
Located on the corner of Eastern Valley Way and Aikman Drive, features of the development include a sky-lounge on level 25 and a swimming pool perched on the top two levels that takes in views of Black Mountain available for all tower residents.
Master chef Tetsuya Wakuda has also been called in to inform the kitchen design for the apartments in the 27-storey development.
“We’ve been quite conscious about what the market demand is,’’ Mr Georgalis said.
He said the tower's one bedroom apartments had sold out while two and three bedroom units throughout the development had been taken up in earnest.
“It is a really strong sign of recovery and also of how strongly it has been received in Belconnen,’’ he said.
“This will be our best-selling project ever. What we have seen is an awesome response from the market this year.
“I could almost say that we’ve made as many sales in the last three months of this year as we did for all of last year.’’
The vast majority of buyers for Wayfarer had been Canberrans and a large proportion were investors – in stark contrast to 2013. Only a handful of sales had been made to people outside the ACT.