First Look: Abedians Take Wraps Off $450m Greenmount Project

The jeans and T-shirt are a dead giveaway. Unshackled from “walking to the beat of the reporting seasons”—as he puts it—Sahba Abedian’s relatively suit-free new existence as a private developer is clearly a comfortable fit. Indeed, one could say the newfound freedom of family-owned Abedian &amp; Co looks good on the former Sunland managing director. “Having a private entity, we’re not beholden … it allows you time to think and be creative,” Abedian says. “I think that’s the most critical shift.” But he also points out there are some unique challenges. “We still have shareholders—the shareholders being family. So you could say it’s either a much easier or it could also be a much harder conversation, depending on which way you observe it or look at it.” One thing, however, will never change for Abedian—his pursuit of excellence. That much is clear as he sits down to exclusively showcase to The Urban Developer a gallery of new architectural renders of the flagship project for the Gold Coast development dynasty’s next chapter. ▲ Work on Abedian &amp; Co’s Greenmount Residences is slated to begin during the first half of this year. “We’re really pushing the frontiers of design excellence and design thinking … that’s our comfort zone,” Abedian says. “Daring to be different and setting the new benchmark with meticulous attention to detail.” To that end, within a few months of this sneak peek, those artful renders will begin to become a $450-million reality atop the southern Gold Coast’s landmark Greenmount Headland. The dual-tower scheme dubbed Greenmount Residences was designed by 111 Design Studio and will comprise 61 apartments—including two double-level 1000sq m penthouses. It is part of a two-stage redevelopment of the 7071sq m site occupied by the 1980s-built Greenmount Beach Resort, which is slated for demolition in May to make way for the two approved 14-storey towers as well as two other proposed 8-storey towers. The Abedians acquired the site—bordered by Marine Parade, Hill Street and Eden Avenue—from Sunland for $42.3 million as the company was in the throes of being wound down in 2022. Given the green light by the Gold Coast City Council late last year, Greenmount Residences will occupy the upper 4000sq m of the site with sweeping views of the coastline, including the city’s famed Snapper Rocks surf break. “It is without a doubt one of the most remarkable pieces of real estate and it deserves something truly unique,” Abedian says. ▲ The project will overlook one of Australia’s great surf breaks, Snapper Rocks. Wrapped in “kilometres” of curved glass panels, the two towers will rise from a lagoon with four floating pavilions— accommodating a concierge, work-from-home private meeting rooms, a dining room and an executive lounge. That will be surrounded by a health and wellness centre with a 25m lap pool, state-of-the-art gym, magnesium plunge pools, steam room, a rain shower, dedicated yoga and pilates room as well as a children’s play centre and residents’ herb and vegetable garden. “It is one of the most boutique developments—4000sq m and just 61 apartments … with the highest level of residential amenity that, I dare say, has been created in any standalone residential development in Australia,” Abedian says. “There aren’t hotels that provide this level of amenity for the hundreds of rooms that they have.” Of course, it does come at a price. The average apartment price is $7.35 million—ranging from $2.5 million for a 145sq m two-bedroom unit to $13 million for a sprawling 400-500sq m four-bedroom apartment. As for the two 1000sq m five-bedroom penthouses, it is strictly price on application. “This is truly a culmination of all the developments that we’ve learned from and really setting the scene for the next generation of residential towers that are going to grace our skylines,” Abedian says. “It’s a quantum leap forward—a shift in the way that we think about the design of residential towers. There’s nothing like this being produced at this scale anywhere in Australia … and we’re absolutely confident that there will be overwhelming demand for this project.” Significant interest is already being fielded, he says, including from potential buyers looking to sell out of Byron Bay. ▲ Greenmount Residences is one of three approved developments with a combined end value of $1.5 billion in the developer ’ s pipeline. “That really speaks volumes about the Gold Coast and its maturity,” Abedian says. “And as I’ve said numerous times, the southern end of the Gold Coast is having a renaissance. It’s such a beautiful part of the world and it deserves something worthy of its unique character.” Greenmount Residences is due for completion by September 2028. Only 15 months after the strategic delisting of Sunland—the one-time property giant behind the Q1 supertower and Palazzo Versace Hotel—it is one of three approved developments with a combined end value of $1.5 billion in the growing pipeline of Abedian &amp; Co. The company is led by Abedian and his father, Sunland founder Soheil Abedian. “Soheil was genuinely thinking of retirement [after Sunland] but, as anyone who knows him would probably guess, that lasted for maybe just a few moments,” Abedian muses. “Then, naturally, he went and started to look at opportunities. “So the family consulted—and we felt it was an opportunity to consolidate our efforts as one. Hence the Abedian &amp; Co portfolio.” Had he been so inclined it would also have been a perfect opportunity for Abedian to break out on his own. “But I chose not to …there’s a great level of collaboration—a good synergy between us,” he says. “In essence, post-Sunland it was a nice opportunity for us to reflect …particularly after decades of intense effort building a very strong brand with both a domestic and international footprint. “I personally feel there are going to be periods in one’s life where you need to just take a moment and really reflect on what the opportunities are ahead of you. “And I have to say, the transition has been very positive. “It’s allowing us to walk at our pace and I think that’s where the opportunities come in ... so you’ll continue to see more and more unique outcomes from within this office. “We’re striving for excellence.”

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