SOUTH COOGEE’S apartment record has been smashed with the sale of a penthouse that has yet to be built.
The four-bedroom unit at 301/149-155 Malabar Rd sold for $3.985 million through PR Grand’s Ritchie Okesene and Peter Fotopoulos.
Corelogic shows the previous record for an apartment was set by the same building on July 12, with the sale of a two-bedroom unit in the complex for $1.788 million.
Mr Okesene said the buyers were local downsizers.
“They’re semi-retirees, they wanted to be in close proximately to public transport. Also they’re locals, they know the area well and they enjoy the coastal walk which is just a short walk from the apartment,” he said.
The couple were also drawn to the water views that the unit will take in as well as the scale of the home and its central location.
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Mr Okesene said the project was a rare one for the suburb.
“There’s not many pockets where you can have that type of development because the zoning generally is a lot lower on that side of South Coogee.”
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The penthouse will span about 282sqm and take in views of the ocean. The floorplan shows open-plan living and dining areas leading to a terrace of more than 92sqm.
The project will feature 16 residences in a mix of one, two, three and four-bedroom layouts. Construction is expected to commence in August.