Construction Begins On Beach Club Tower In Palmy

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.

Half of the buyers for the 30-unit tower came from interstate. The average price for each unit was $2.7 million. Four buyers each paid up to $5.5 million to purchase and combine two apartments to create larger residences.