Waterfront development reveals rising costs behind new apartment builds

News.com.au

17-07-2025

A suite of new coastal penthouses are on the market, creating a new opportunity for downsizing homeowners in a master planned community.
Located in Pelican Waters, Comino at the Cove by Henzell Property Group has placed several penthouse and sub-penthouse offerings on the market: ranging from a 2 bedroom home at $1.95 million to a massive luxury penthouse for $5.6 million.
Designed by OGE Architects, each unit – ranging from two to four bedrooms – has east access to the Sunshine Coast's beaches, along with a private marina, and has a series of shared amenities such as a resort-style swimming pool within the complex.
The property's high-ticket item, Comino Penthouse 2601, takes up 511 sqm of property, with a direct northeast view of the water and a wine cellar, along with a six car garage.
Henzell Property Group's Mclean Henzell said the project had attracted a large sum of interested downsizers from within Pelican Waters, and was happy to see strong word of mouth for the project.
'It's [also] an amazing home base for people if they are still working,' he said. 'All of the apartments have beach rooms; so you walk down the corridor, and you have views to the glass mountains.'
The apartments are being marketed by Realm Projects. Managing director Shane Foley said a big appeal of this project was to give a more accessible place for people who love the Sunshine Coast to live in, without some of the pains of home maintenance.
'What downsizers want is space,' he said. 'They want to maintain that feeling of space, but they don't want the maintenance anymore.'
The Pelican Waters community sits near Caloundra's growing coastal community, along with the Sunshine Coast University hospital.
'We're very proud of the master plan that's being created there, and the lifestyle that it offers,' Mr Foley said.
With its build already completed, homes purchased within the complex are available to move into shortly after purchase.
Mr Foley said a project such as this would be significantly more expensive if built today, due to rising construction costs throughout the state.
'There are very few places [now] that people can buy genuine house-sized apartments they can afford,' he said.