‘A phenomenal result’: Geocon development sells record number of units prior to launch

Geocon’s High Society development has sold more than 90 per cent of its stock within three months of it being listed on Allhomes and prior to its official launch on Friday at the Canberra Casino.

The Belconnen development will span two buildings, including Canberra’s tallest building, and will deliver 541 residential dwellings, alongside a 135-room abode hotel, 500 public car parks and retail and commercial offerings.

“We have sold 500 units and there is less than 10 per cent of the stock remaining,” Geocon managing director Nick Georgalis said.

“It’s a phenomenal result … and demonstrates why Geocon and Canberra stand out in Australia as the best choice for property.”

The Canberra developer beat their record for the number of sales prior to an official launch, after they sold 250 apartments in one night for Grand Central Towers in Woden. 

This comes after Geocon secured funding from American investment bank Goldman Sachs that will fast track the completion of the development to three years, opposed to the initial time frame of 10 years.

High Society is part of the Geocon’s Republic precinct, the largest mixed-use development approved by the ACT government.

Mr Georgalis said sales across the $1 billion project have been strong.

“Of almost 1000 apartments offered across Republic so far, only about 10 per cent are left to sell. That is an outstanding achievement … to be almost sold out at the commencement of the project,” he said.

“Our sales team has worked hard to keep up with demand since the announcement that our construction timeline was reduced.”

• Related: Grand Central Towers sets ACT sales record as 250 apartments sold in one night
• Related: Metropol breaks ACT sales record prior to release
• Related: Geocon founder’s home breaks Kingston record

Mr Georgalis also announced Geocon has sold more than 1200 apartments this year across all of its projects.

In order to help sell apartments, Geocon has employed Allhomes 3D Snaploader technology which allows potential buyers to explore property options on an interactive touch table. –

“There is no doubt that the unrivalled technology, including Snaploader, being used by Geocon makes the buying experience exciting and reassures purchasers in their choice of buying off the plan,” said Mr Georgalis.

“When buyers can ‘see’ what their new apartment will look like, check out the views from their balconies or bedroom windows, and play around with furniture configurations, it’s almost like being there.”

High Society was first listed on Allhomes on April 4, 2018. Work began on the 1.6-hectare Republic site in May, with an expected completion date of September 2020.