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Faro’s penthouse sale sets a new record

Market Insights
1 week ago
3 minutes

Faro, an $80 million vertical village of luxurious residences currently under construction, has set a new price record with the sale of the project’s stunning three-level penthouse. 

Though the purchase price for the penthouse has not been disclosed, it can be revealed that it is extremely close to the asking price of $12.5 million and has set a new price per square metre record for a non-beachfront apartment on the Gold Coast. This news comes on the heels of a flurry of buyer interest in Faro, which has taken total sales in this exclusive coastal development past the half-way mark.

“We are thrilled to announce the sale of the Faro penthouse which has set a new benchmark for the Gold Coast market,” said Jayde Pezet, Managing Director of Pezet Matheson.

“We are working closely with the buyer to create what we believe will be one of the most spectacular penthouse residences on the Gold Coast.

“The buyer has requested substantial modifications to customise the penthouse to their distinctive high-end luxury taste and requirements.”

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Faro, a joint venture project between 5Point Projects and Bottega Property Group, will rise 21 levels on a prime site at 123 Old Burleigh Road, just north of the bustling dining and retail centre of Broadbeach.

When completed, Faro will deliver 11 full-floor sky homes that offer the ultimate in privacy and luxe inclusions, with the upper floors comprising three expansive two-level sub-penthouses. Inspired by the prime coastal location, each of Faro’s full-floor sky home apartments features three bedrooms with ocean views, three bathrooms, and open-plan living areas enhanced by a large ocean-facing balcony. 

The stunning three-level penthouse, crafted by award-winning firm Plus Architecture, will be the jewel in the crown for the development. It comprises five bedrooms and five bathrooms, offering spacious living areas that include a separate dining area and home cinema.

The penthouse's guest suite is located on the first level, while the second level will host four bedrooms plus a home office, including the expansive ocean-facing master bedroom with its own balcony positioned to take in spectacular coastal views. The residence boasts a sprawling three-level open circular staircase, a private rooftop entertainment area with a swimming pool, sundeck, outdoor kitchen, dining area, and lounge. All three levels of the penthouse are serviced by a private internal lift. 

“The penthouse sale marks a significant milestone for Faro which has been well received by the market,” said 5Point Projects founder and director Damian Dove.

“The penthouse caps off an enormously successful sales campaign for Faro which reflects sustained demand for luxury coastal residences on the Gold Coast which is proving quite resilient for upmarket residences in key coastal locations.

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“Faro’s residences have been specifically designed for the discerning buyer, with owner occupiers from interstate and locally among the many who have recognised our unique offering.

“We are looking forward to working with the purchaser of the penthouse to create a residence that will be among the most spectacular anywhere on the Gold Coast,” said Mr Dove.

All Faro residents will enjoy a range of premium on-site amenities on the first-floor recreation terrace including a magnesium pool, private lounges, gymnasium, cabana, outdoor barbecue and entertaining area, sauna, lockers, as well as a pet wash and surfboard wash. The ground floor will have ample bike storage spaces for residents, plus a mail room located in the foyer providing a parcel locker delivery system to handle online orders.

Faro will have three levels of basement parking and an EV fast-charging station in the visitor’s bay. Construction of Faro is now well under way with a scheduled completion for October 2025.

To find out more or enquire about Faro, click here.