Offering a truly five-star lifestyle, Realm Adelaide represented an important first test for the depth of the luxury apartment market in Adelaide. Never before had Adelaide been exposed to a ‘star architect’ in the form of Elenberg Fraser, nor a building that offered amenity that echoed a luxury hotel-style experience.
Developer Parallel Projects bought Urban Activation on in the project’s early stages, which paid dividends upon market launch. Working with Elenberg Fraser, Urban Activation created a product and pricing strategy that split the building into low, medium and high rise sections, ensuring the project would appeal to different market segments including both investors and owner occupiers.
This strategy allowed the sales and marketing team to increase the square metre rate throughout the building; while selling concurrently offshore and locally created strong momentum in market.
Commanding an average $9,000 per square metre, Realm Adelaide increased the average market rate by 10 per cent. Urban Activation sold 224 or the project’s 314 apartments between January and June 2017, proving the strength of the local market.