Rare golf lots debut at Sanctuary Cove
BY iseekgolf.com | 01 Oct 2008
As the only masterplanned community in Australia with two championship golf courses, it is little wonder that many mad keen golfers have chosen to call Sanctuary Cove home.
So much so that the supply of golf course fronting homesites is disappearing as quickly as tradeable equity memberships are taken up in Sanctuary Cove Golf Club.
But Sanctuary Cove’s owners, Mulpha Sanctuary Cove (Developments) Pty Limited, are meeting ongoing market demand with the release of the final 18 lots ever to be released overlooking the prestigious Palms golf course.
The homesites will overlook the new first and second holes of the expanded and improved Palms golf course. The Palms renovation is part of more than $50 million in investment activity being undertaken by Mulpha in 2008 alone to continue transforming what remains today Australia’s most prestigious and standout masterplanned community.
The development activity includes new infrastructure including a new entry boulevard, new marina berths and new restaurants.
The transformation of the resort continues with its strong golfing tradition with start of construction last month on one of Australia’s leading golf clubs at a cost of $12 million.
The new clubhouse is the largest of the three construction projects envisaged as part of the highly successful transfer of ownership of the Sanctuary Cove Golf and Country Club to its members in early 2007 under two prospectuses which have raised more than $12 million to fund the clubhouse construction, Palms renovations and renovations of the existing Country Club clubhouse and set Australian sales records in the process.
Golfers are the major beneficiaries of the transformation works being undertaken by Mulpha.
“We certainly acknowledge the influence that golfers have on the Sanctuary Cove cultural landscape,” says Mr Grady. Since the start of 2007 alone, there have been more than 100 sales of golf course properties for more than $103M, 54 established homes and 46 vacant lots as buyers jostle to find a future home overlooking either The Pines or The Palms golf courses.
“Golf is a very important part of this wonderful community and the vision of Sanctuary Cove’s owners is to continue improving and creating facilities to a world class standard to ensure golfers’ needs are being met.
“The latest offering of 18 golf fronting lots have come about as the result of the re-configuration of the Palms golf course and this presents what is really a once in a lifetime opportunity to live overlooking The Palms.
“Sales of more than $680 million by Mulpha at the resort community since 2002 have certainly diminished the number of opportunities to live overlooking The Palms and this presents the last opportunity to 18 individual owners that quite simply will never be repeated.”
The 18 lots range in size from 737 to 873 square metres and are priced from $625,000.
Sanctuary Cove CEO Geoff Grady said the construction of the golf clubhouse would be another milestone for the community and would serve the new equity members of the club who utilise the exclusive world class Pines golf course and the soon to be upgraded Palms course.
“We’re certainly very excited to be delivering a project that will further enhance the quality of Sanctuary Cove’s infrastructure,” said Mr Grady.
“Sanctuary Cove is currently in a very exciting phase of its evolution with a range of projects including the entry boulevard, new restaurant precinct, additional marina berths and new property development projects that will continue the evolution of the community in a very vibrant way.”
On completion of the new clubhouse in the second half of 2009, Sanctuary Cove will be in the unique position of having a world class golf clubhouse to complement the existing country clubhouse which has served members since the inception of the resort 21 years ago.
Mr Grady said he is not aware of another Australian club with such a strong complement of private membership facilities.
