Rivermarque on River St is 90% sold due to high confidence
THE roof is on and apartments are now 90% sold in the city's latest high-rise development, Rivermarque on River St.
RCQ Construction celebrated the building milestone this week on the eight-storey complex, which is being developed by Reed Property Group.
It will be managed by the Oaks Hotels and Resorts group.
Reed sales and marketing manager Jason Kollanyi said the building milestone had coincided with sales hitting the 90% mark as there had been a string of apartment sales in recent weeks.
He put this down to the good location combined with increased confidence in the local economy.
"The Mackay property market is now returning to more sustainable levels and investors have recognised the long-term potential of the city," Mr Kollanyi said.
Many of those taking up apartments were from the region, he said.
"A number of Mackay locals have jumped at the opportunity and they have been drawn to the one and two-bedroom ensuite apartments in particular," he said.
There will be 91 apartments in total in the complex, a mix of studio, one and two-bedroom apartments, and prices start at about $270,000.
Mr Kollanyi said Oaks Hotels and Resorts were forecasting strong yields, which was also very appealing to investors.
The complex is expected to be completed mid-year.