Palm Beach’s newest tower has attracted sales totalling more than $80 million in just six weeks.

Ground has broken on Ignite Projects’ Cabana Palm Beach project. It is the latest of a spate of towers going up in the suburb. The absolute beachfront project, which will feature its own beach club, is expected to welcome its first residents by Christmas 2022. Ignite managing director Josh Foote said fast-tracking the project in the wake of the pandemic had proven to be the “right call”. “The market was really uncertain. In fact the whole world was uncertain, but we knew we had a gem of a site and our design concept would be spot on – we just had to hold our nerve,” he said. “While some areas in Australia were battling Covid-19, Queensland was dodging the bullets and we realised there was huge potential for us if we maintained our course. Half of the buyers for the 30-unit tower came from interstate. The average price for each unit was $2.7 million. Under original plans filed with the Gold Coast City Council, there were to be 34 units. However, four buyers each paid up to $5.5 million to purchase and combine two apartments to create larger residences.