EVERY detail of Ideal Property’s luxury Banc project had to be perfect before developer John Li wanted it unveiled to the market.
The 14-level tower, with only 33 apartments, will be on the last remaining infill site on Coronation Drive, Toowong, and boasts design by WMK Architects and SJB Interiors.
Mr Li, managing director of Ideal Property, said the team had put a lot of work into Banc over the past 18 months.
“Even after it was (council) approved in April, we just launched the project last week. So we spent a good six months to get all the detail right,” he said.
The wine cellar and tasting room — something Mr Li had seen in Sydney and Melbourne high end penthouses — was one of those details included after the initial approval to add value for Banc’s exclusive community of residents.
Mr Li said the project was always to be focused on the owner occupier market, valuing privacy, luxury and views.
“It’s something for me, as well as Ideal Property, it is our flagship product and something we will try and set a benchmark Brisbane in luxury and boutique. That’s our vision for this project,” he said.
The prime Toowong site chosen for the project is in an area familiar to Mr Li, who has lived in Queensland for about 10 years.
Although he started Ideal Property about two years ago, he has extensive experience in the sector with his father involved in property in China for about 20 years.
“We probably won’t want to have that many units on our hands but we want to get every single project right,” he said.
Banc’s two and three-bedroom apartments are selling from $899,000 and $1.39 million respectively, with a sales display suite due to open in December by appointment.
The apartments have up to 230sq m of living space, private lift to door entry, and only two residences per floor.
Peter Hutton, of Hutton and Hutton luxury real estate, is marketing the project and said until now, most high end downsizers had to buy and amalgamate multiple apartments to achieve their desired floorplans.
“Banc is a move towards addressing the shortage of house-sized, luxury apartments to meet the
needs of owner occupiers demanding more space, increased privacy and improved amenities,” he said.
“Much of Brisbane’s baby boomer market has been waiting patiently for the tide to turn from
smaller investor stock to sky homes that they can feel comfortable downsizing to without sacrificing lifestyle or leaving the neighbourhood they love.”
Mr Hutton said the majority of inquiry had been from residents in Toowong and surrounding suburbs.