As the Gold Coast races to meet a looming population milestone of one million residents by 2045, developer George Mastrocostas is pushing ahead with one of the region’s most ambitious residential projects—The Landmark, a $2.5 billion four-tower development in Mermaid Beach.
Mastrocostas, managing director of Aniko Group, confirmed the first stage of construction will begin mid-year, following the completion of a new state-of-the-art sales centre next to Pacific Fair.
The first stage will deliver 240 high-end units, part of a broader effort to ease the city’s critical housing shortfall.
A recent report by the National Property Research Co (NPRC) found more than 144,000 new homes are needed by 2045 to accommodate population growth, with apartment prices surging as supply lags behind demand.
“Budds Beach is incredibly tightly held, with very few properties exchanging hands in the past five years,” said McNab executive chairman Michael McNab, whose own project—the $170 million Elements tower—also broke ground this week.
Urbis data shows the Gold Coast must build over 50 new towers every year for the next decade to stay on track. Yet only 11 projects were launched in 2024, delivering just 800 units—well below targets.
Despite the record-high 62 cranes currently active across the Gold Coast, industry leaders are warning of a potential “crane drain” if more approved developments don’t move to construction.
Mastrocostas’ Landmark project stands out in a climate where developers are being urged to fast-track feasible builds in partnership with local councils to meet both demand and state planning goals.
Source: Gold Coast Bulletin.
