Month: September 2020

Dutch institutions switch to equity and property

first_imgThe regulator reported that bond holdings returned 2% during the first quarter and said that equity yields were limited to 1%, following negative returns of emerging markets (-0.9%) and Asian holdings (-3.2%).According to DNB, the total quarterly return (including interest and dividend) of all Dutch investment funds was 2%, after a 1.8% profit during the last quarter of 2013.Following a new definition of investment institutions, DNB said it had included a number of private equity funds in its statistics, adding that their assets under management amounted to €16bn.The supervisor also made clear that total assets under management of Dutch investment institutions reached a record high of €660bn at March-end. Dutch institutional investors showed their confidence in the improving economic outlook during the first quarter by increasing their stake in more risky asset classes, such as equity and property, at the expense of fixed income, according to data released by De Nederlandsche Bank (DNB). The supervisor noticed that, on balance, €4.9bn has been added to equity investments, while the stake in real estate had risen by €900m during the first three months of the year.At the same time, institutional investors withdrew capital from fixed income funds (€1.7bn), mixed funds (€400m), hedge funds (€700m) and other funds (€1.8bn).DNB noted that the development was contrary to trends in the previous quarter, when €4.4bn was invested in fixed income funds, while €2.9bn was divested from equity funds.last_img read more

Swiss institutional investor tenders $25m hedge-fund mandate

first_imgThe client has said the preferred minimum track record is a “soft limit”.They should also have at least $500m in assets under management (AUM) for the mandate itself and $2bn in AUM as a company.Interested parties should state net performance until the end of September.The closing date for applications is 10 December.For full information, please go to An undisclosed institutional investor based in Switzerland has tendered a $25m (€20m) hedge fund/fund of hedge funds mandate using IPE-Quest.According to search QN1473, the client’s preference is for a global portfolio in the form of single-manager hedge funds.The mandate calls for the benchmark to be US CPI plus 200 basis points.Fund managers must have an absolute minimum track record of seven years, and a preferred minimum track record of 10.last_img read more

Partners Group launches first private markets fund for UK DC sector

first_imgHe said the firm had talked to DC plan sponsors when designing the fund.“As the pensions market worldwide continues to evolve and become more sophisticated, we expect private markets firms like Partners Group will become increasingly involved in DC investment management,” Frei said.The fund is structured as a non-UCITS retail scheme (NURS), in contrast to the illiquid limited partnership vehicles traditionally used for private markets investments, the firm said.The underlying portfolio includes “a significant allocation” to return-seeking private markets asset classes, and an allocation to a yield-seeking credit portfolio, it said. It is given liquidity by having some assets invested in diversified listed private markets, the firm said. Partners Group added that the fund was designed “to be included as a performance driver within a professionally-managed DC plan,” for example as part of a corporate scheme’s default fund in the growth accumulation phase.The question of illiquid investments has long been a troublesome question for UK DC funds, with Russell Investments five years ago calling for the development of products allowing daily pricing with access the illiquid asset class.The £830m (€1.1bn) National Employment Savings Trust in 2013 appointed LGIM to a property mandate investing in Real Estate Investment Trusts, although the DC scheme also has a system in place allowing for it to sell holdings between cohorts to avoid the future sale of less liquid assets. Switzerland-based investment manager Partners Group is launching a private markets fund designed specifically for use by UK defined contribution (DC) pension plans, allowing the schemes requiring daily pricing access to private equity, private debt, private infrastructure and private real estate.The fund, named the Partners Group Generations Fund, will allow DC sector access to these private markets but also provide daily liquidity and pricing as well as meeting the regulatory requirements DC platform providers have for standardised purchase and redemption procedures, the firm said.While claiming the new launch is the first to allow UK DC funds access to private market holdings, it is not the first vehicle to allow DC investors access to traditionally less liquid holdings – such as real estate, for which Legal & General Investment Management (LGIM) launched a proposition in 2011.André Frei, partner and co-chief executive at Partners Group, said: “Private markets asset classes have long been an important source of returns for defined benefit pension schemes, but until now UK DC pension schemes have been unable to invest in them for structural reasons.”last_img read more

NBIM appoints insider to replace Schanke as asset strategies CIO

first_imgNorges Bank Investment Management (NBIM), which runs Norway’s NOK7.5trn (€832bn) oil fund, has appointed Geir Øivind Nygård [pictured] to fill the gap in its trio of CIOs left by Øyvind Schanke’s departure.Nygård has been interim CIO for asset strategies at the Government Pension Fund Global (GPFG), which invests Norway’s off-shore oil revenue, since 1 December 2016, coming to the role from his position as global head of portfolio management.Yngve Slyngstad, chief executive at NBIM, said: “We are happy Geir Øivind has accepted taking on the position. He brings with him experience and deep knowledge of our asset strategies.”Slyngstad said Nygård represented a good continuation of the successful efforts within the area since the beginning. Nygård joined NBIM in 2007 as portfolio manager in equity asset strategies and has held different leading positions within the fund since then, according to NBIM.He said he was excited and proud to have the opportunity to take on the new role.“I am confident we have a solid [foundation] for continued success within our asset management strategy,” he said, adding that he knew the team well and was looking forward to continuing to work closely with them.In 2014, NBIM reorganised its investment departments in line with the GPFG’s main strategies, giving three CIOs responsibility for the fund’s three investment areas – allocation strategies, asset strategies and equity strategies.The CIO of allocation strategies heads up work to improve exposure to the broad markets and different sources of return.The CIO of asset strategies leads efforts to make sure the fund’s exposure is implemented cost effectively and that transaction costs are balanced, and the CIO for equity strategies is meant to build up expertise to analyse individual companies, identify investment opportunities and exercise active ownership, according to NBIM. It was announced in November that Schanke, who has been CIO for asset strategies at NBIM since 2014, decided to leave the institution after 16 years to become chief executive of Norwegian fund manager Skagen.He is due to start the top job at Skagen, which describes itself as a contrarian fund company, on 1 February.last_img read more

Asset management roundup: FCA clamps down on closet trackers

first_imgShe said the regulator had discussed this as part of the proposed remedies in the final report on its asset management market study. This was carried out to assess whether the asset management industry was delivering value for money for investors. The FCA said there was around £109bn invested in funds labelled as active but that closely mirrored the market and were significantly more expensive than passive funds.  In her article, Butler said not all of the funds covered by the figure were closet-trackers. Instead, the figure referred to the amount invested in “partly active” funds that were significantly more expensive than traditional passive funds. This reinforced the central finding in the FCA’s study, she said, namely that price competition in asset management was weak in a number of areas. Better Finance, a Brussels-based consumer finance organisation, said the FCA was the first EU supervisor “to force closet indexers to indemnify their victims”. It called on the regulator to name the 64 funds.Robecco extends tobacco ban Robeco will no longer invest in the tobacco industry in its mutual funds, extending a policy that already applies to its sustainable fund range.The exclusion will be implemented for its mainstream funds, including sub-advised funds, by the end of September, the Netherlands-headquartered asset manager said today.Robeco said the decision was based on an inability to engage with the tobacco industry to lead to fundamental change, and the announcement last year by the UN Global Compact to exclude tobacco companies from the initiative.BNP Paribas made a similar move last week.TOBAM, ChinaAMC launch China A-Shares smart beta strategy Quantitative manager TOBAM and China Asset Management Company (ChinaAMC) have developed a China A-shares investment strategy that they are pitching as an alternative to investing based on market cap-weighted indices.The strategy based on TOBAM’s Anti-Benchmark process and “aims at delivering the risk premium of the asset class via diversification, which seeks to translate into both excess return and reduced volatility versus the corresponding market cap-weighted index”, the managers said in a statement.Last year MSCI announced it would include China A-shares in its emerging market benchmarks for the first time.Xiaodong Tang, CEO of ChinaAMC, said: “Chinese clients have shown interest in various smart beta strategies with pre-defined screening and weighting rules that overlay simple exposure to equity classes, and we expect these strategies to gain traction.”Mediobanca takes over Switzerland’s RAM AI Italy’s Mediobanca has acquired a 69% stake in Swiss boutique manager RAM Active Investments (RAM AI), buying shares from the Reyl Family and the manager’s employees. REYL Group, the historical shareholder, will retain a 7.5% stake and the founding partners of RAM AI will retain “significant” stakes, according to a statement.Mediobanca will contribute CHF200m (€171m) of seed money to help RAM Active Investments launch new investment products.The 69% stake in RAM AI adds €4.3bn of assets under management to the Mediobanca group.RAM AI runs fundamental systematic equity and discretionary fixed-income funds.  Hermes publishes gender pay gapHermes Investment Management published a legally-required report on gender pay this week, revealing a gap of 30.2%.Saker Nusseibeh, chief executive of the £33bn asset manager, said the figure was likely to be on par with the rest of the asset management industry, but it was “simply not good enough”.Senior female representation would need to increase across the company to close this gap, especially in its investment and business development businesses, the company said.As at August last year, 23% of senior managers across the company were female.All UK employers with 250 or more employees must disclose their gender pay gap every year. Aberdeen Standard Investments and Jupiter Asset Management have disclosed similar data.Natixis reveals new nameNatixis Asset Management will be renamed Ostrum Asset Management as of 3 April.The company is part of Natixis Investment Managers, which is aligning its multiple subsidiaries’ brands as part of a strategic plan.Ostrum means “purple coloured” in Latin. Fund managers have paid £34m (€38m) to UK investors as compensation for not being clear about how they were managing certain funds.Writing about the Financial Conduct Authority’s (FCA) work on so-called closet trackers in the daily newspaper The Telegraph this weekend, Megan Butler, executive director of supervision for investment, wholesale and specialist at the regulator, said it had reviewed 84 potential closet tracker funds. Of these, 64 were required to make it more clear how constrained the funds were.The other 20 were adequately describing how they were managed, she said. An enforcement investigation was ongoing against one firm.“We expect fund managers to take their duty to their consumers seriously,” wrote Butler. “They should manage their funds the way consumers expect them to and tell consumers what they are doing. That is why clear promotional material for investment funds is a priority for us.”last_img read more

Pension Corp strikes £900m reinsurance deal with Prudential

first_imgPension Insurance Corporation (PIC) has transferred the longevity risk of £900m (€1bn) of pension liabilities to the Prudential Insurance Company of America in the latest of a series of reinsurance deals between the two firms.The move, which covers approximately 7,500 pensioners across two pension plans, is the latest reinsurance deal to capitalise on the underlying buoyancy of the de-risking market.“We believe the reinsurance market will continue to be competitive in support of the significant de-risking activity expected over 2018,” said Jay Shah, chief origination officer at PIC.One estimate from Hymans Robertson, the consultancy firm, suggested that the underlying bulk annuity market could see approximately £700bn of DB scheme assets and liabilities transferred to insurance companies by 2032, equivalent to £50bn a year. Amy Kessler, head of longevity risk transfer at Prudential, said: “Over the last several years, Prudential’s longevity reinsurance innovations have proven time and again to help companies achieve certainty in their liabilities.”The transaction represents the first large-scale longevity reinsurance deal by Prudential this year.Prudential has assumed a total of $6bn (€5bn) through reinsurance deals with PIC since 2015. Most recently, the UK-based specialist insurer offloaded longevity risk in a deal worth $1.2bn in November 2017.Earlier this year as an extension of the two companies’ partnership PIC and Prudential launched a partially automated de-risking service for pension funds of less than £200m in size, which typically find it expensive to secure buy-ins and buyouts.In the past year Prudential has also backed longevity swap deals with insurer Scottish Widows and the UK pension fund of Marsh & McLennan Companies.last_img read more

Dutch asset managers positive ahead of sovereign green bond debut

first_imgBram Bos, lead portfolio manager green bonds at NN Investment Partners, said the asset manager welcomed the green bond issuance, “in particular as we view this as the first liquid sovereign bond with these [stringent requirements for reporting and transparency]”.NN IP was one of the stakeholders the Dutch government consulted in determining the eligibility of projects to be financed by the bonds’ proceeds.Bos said he expected the Netherlands to raise €6bn given investors’ recent interest in green bonds.“We anticipate positive knock-on effects from this green bond issuance, as it is likely to prompt other Dutch players to start issuing green bonds,” he added.Dutch property investor Vesteda, a privatised offshoot of civil service pension fund ABP, is eyeing further green bond issuance after last week meeting with strong demand for a €500m deal. Asset manager PGGM also indicated that it was interested in participating in the sovereign’s green bond, although not at any price.“It must enable us to achieve sufficient returns,” said Maurice Wilbrink, its spokesman.APG has also made positive comments about the sovereign’s green bond.“With its long duration, high quality and strong sustainable component, this kind of deal is a perfect match for us,” Sandor Steverink, managing director for government bonds at APG, is quoted as saying in Dutch financial daily Het Financieele Dagblad.‘Dark green’ Wopke Hoekstra, the Dutch finance minister, had said that investments would be “dark green”, and that its targets would also include thermal insulation of property and flood defences for the country – much of the Netherlands lies below sea level.The Dutch strategy to reduce the country’s carbon footprint is aimed at a 49% reduction by 2030, compared with the EU’s target of 40%.The country’s green bond framework is certified by the Climate Bond Initiative (CBI). Sustainalytics has also assessed it as an independent expert, and found it matched the core elements of the Green Bond Principles of the International Capital Market Association.In the euro-zone, France and Belgium have raised €16.5bn and €5.7bn via green bonds, respectively. Dutch asset managers have indicated having a positive stance on the green bonds their sovereign is due to issue tomorrow in its debut in the asset class.According to the Dutch Treasury’s Finance Agency, the green bond will have a 20-year maturity and a target volume of between €4bn and €6bn, to be increased to at least €10bn within the coming years.It said that the funds raised would be invested in sustainable energy and rail transport, energy efficiency and climate change adaptation, and that it had committed to reporting about the allocation of the proceeds as well as the achieved impact. The planned issuance would make the Netherlands the first triple A-rated sovereign to issue a green bond, and the second-largest sovereign issuer of the instrument.last_img read more

Mandate roundup: Swiss investor tenders large cap via IPE Quest

first_imgA Swiss investor has issued a large cap growth equity tender worth €250m via IPE Quest.According to the QN-2611 search, the mandate is to follow the MSCI Europe index, with a minimum 1.5% expected level of tracking error.Participating managers should have at least €3bn in assets under management as a firm, and at least €1bn under the growth large cap equity. Their track record should be at least three years, but a minimum of five years is preferred.The deadline for applications is 26 June at 5pm UK time. Applicants should state performance data to 31 May 2020, gross of fees. The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email [email protected] county pension fund turns to COIN for adviceThe Swedish county of Gävleborg has appointed COIN as the new consultant for its SEK5bn (€475m) pension fund after a tender process in which only one firm participated.Stockholm-based COIN Investment Consulting Group won the contract to provide pensions investment management advice for the Region Gävleborg administration of the central Swedish coastal county, with the result announced on the TED EU tendering site.A spokesman for the council told IPE that COIN would replace Söderberg & Partners, which had been providing consultancy services up to now.Region Gävleborg manages its own pension fund, he said, with the help of consultants for different assignments such as reporting, finding investment alternatives and sustainability reports.According to the council’s 2019 financial report, the pension fund grew to SEK5.15bn and returned 17.7% last year, but this was 3.9 percentage points lower than the benchmark.Alternative investments and foreign equities both underperformed the index last year, it reported, however, since inception, it said the fund had returned an average of 6.4% a year – 0.5% above the index.With total pension liabilities of SEK7.9bn, the pension fund had a 65.5% funding ratio at the end of 2019, according to the report.The spokesman said the council had been surprised that only one firm applied for the contract in the tender process.To read the digital edition of IPE’s latest magazine click here.last_img read more

Home of Golden Gaytime inventor hits the market

first_imgInventor of Golden Gaytime and Splice ice-creams Peter Lancaster and real estate agent Daniel Argent at the Paddington house (65 View Street) he has just put on the market. Picture: NIGEL HALLETT A Streets billboard for Splice ice-cream. RELATED: MILLIONS SPENT TO SNAP UP ‘CASTLE’ The incredible view from the top floor of the house at 65 View St, Paddington.HE’S the man who gave us some of Australia’s most iconic ice-creams, and he lives right here in Brisbane — but not for much longer.Food scientist Peter Lancaster, who invented the Golden Gaytime and Splice ice-creams, is selling his mouth-watering Paddington pad with a cool $3.69 million-plus price tag.That’s the equivalent of buying at least one million Golden Gaytimes from the local servo. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Inside the stunning home.The designer kitchen is equipped with a range of Miele appliances, a Liebherr refrigerator, a Vintec wine refrigerator, bi-fold windows and a walk-in cold room.There’s also a 2000-bottle climate-controlled wine cellar, gym, Sonos sound system and hi-tech security.Paddington is one of Brisbane’s most expensive suburbs, with a median house price of $1.15 million, according to property researcher, CoreLogic. The bathroom doesn’t have a bad view, either.Mr Lancaster said he was chuffed the vanilla and toffee ice-cream dipped in chocolate and biscuit crumbs was still a popular treat.“It’s still going well and basically the same product,” he said.The idea for the name for Splice came from England, where there was an ice-cream called Split.“I can remember sitting around the table with the advertisers trying to come up with a name for it,” Mr Lancaster said.He claims he also invented Paul’s custard, which is still sold in supermarkets across Australia. An advertisement for the Golden Gaytime ice-cream. Picture: Supplied. Inside the home at 65 View St, Paddington.The top floor of the home is perhaps the most delectable, with an open-plan living room and covered balcony framing a jawdropping view of Brisbane’s city skyline.There are plenty of outdoor spaces throughout the property — perfect for sitting back and enjoying an ice-cream on a hot Brissie day.Self-contained guest accommodation takes up the lower floor, while the master bedroom wing, directly above, includes a one-way glass ensuite. “I grew up on Golden Gaytimes and Splices. “Every swimming carnival at school — that’s what you’d get at the end.”Mr Argent said the property was the best house on the market in Paddington. “It has the most unbelievable city views going,” he said.“I think the owner’s iconic and I think the house is iconic.” This home at 65 View St, Paddington, is for sale for offers over $3.69m.Mr Lancaster and his wife, Susan, bought the property at 65 View Street in 2009 and have since undertaken a major renovation.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoThe incredible three-level, modern masterpiece has four bedrooms, four bathrooms, an internal lift, floating stairs, a pool with exercise jets and city views to die for.Now retired, the couple is selling to downsize to Noosa. MORE: Qld pair tipped to win The Block The outdoor area of the property at 65 View St, Paddington. The view from the downstairs kitchen of the property at 65 View St, Paddington.The property is being marketed by Daniel Argent of Urban Property Agents, who said he experienced a bout of nostalgia when he learned who the owner of the property was.“He’s basically an Australian celebrity — the ice-cream version of Bert Newton!” Mr Argent said. Mr Lancaster was employed by Streets in the late 1950s and 1960s when he came up with the idea for the Splice ice-cream and Golden Gaytime, which is still enjoyed today.“The advertising people came up with the name,” Mr Lancaster said.“It was just called Gaytime then because back in those days, it didn’t have the connotations it does today.“Years later, they made it Golden Gaytime.”last_img read more

Inside the Gold Coast’s top 10 property sales of 2018

first_img2230 Arnold Palmer Drive, Sanctuary Cove. Inside 9 Hedges Ave at Mermaid Beach. Former V8 Supercar driver Paul Weel sold his Gold Coast beachfront mansion in a $5.5 million deal.The multimillion-dollar sale was cemented following a 60-day settlement period.Weel and his wife Emma bought the property — originally home to a rundown beach shack — for $3.09 million in 2015 103-105 Hedges Ave, Mermaid Beach. 3250/23 Ferny Ave, Surfers Paradise. Retired corporate executive David Baird and his wife Marion make two appearances on this list.As well as selling their Isle of Capri home, the pair smashed the Australian sales record for a house fronting a golf course, spending $6.5 million on a property in Sanctuary Cove.The near new luxury property was sold through Matt Gates of Ray White Prestige in an off-market deal.The previous golf-fronted record stood at $4.275 million when Mr Gates sold 2218 Arnold Palmer Drive, Sanctuary Cove, last year.No stranger to Sanctuary Cove, the Bairds have owned property there since it was developed. MORE NEWS: Home with own motocross track now the hottest in Australia 31-33 The Corso, Isle Of Capri. 3-7 Sir Lancelot Close, Sovereign Islands. 4/3565 Main Beach Pde, Main Beach, $5.5 million 31-33 The Corso Isle Of Capri. 3-7 Sir Lancelot Close, $11.05 million 9 Hedges Ave at Mermaid Beach. Photo: RP Data M3565 on the Gold Coast’s Main Beach. 3250/23 Ferny Ave, Surfers Paradise. Harvey Norman CEO Katie Page sold one of the apartments in her boutique M3565 building at Main Beach for $5.5 million.It was the highest price paid for a beachfront apartment on the Glitter Strip this year.The luxury residences hit the market in July 2017.The four-bedroom, fourth-floor apartment, once priced at $7.85 million before being slashed to $6.75 million this year, sold through Robert Graham, of Ray White Prestige. Another Hedges Ave mansion takes out second spot in the top 10.The home was bought by an interstate buyer.The sale was achieved by Kollosche Prestige Agents principal Michael Kollosche and Prestige Property’s Harry Kakavas in April.The sale is the fifth largest on the Mermaid beachfront since the strip’s GFC-induced doldrums. One of the sales — former Billabong investor Scott Perrin’s Gold Coast residential record $25 million deal on his home Tidemark — leads the way. 57 Woodgee St, Currumbin. 57 Woodgee St, Currumbin, $5.6 million It took less than one week for entrepreneurial businessman David Baird and his wife Marion’s property at 31-33 The Corso, Isle of Capri, to be sold to an Asian buyer.“Following the sale of this house we will be moving to Paradise Waters,” Mr Baird, a retired corporate executive, told the Bulletin at the time of the sale.“We didn’t have the house on the market but it sold within a week. It was a very quick sale and we are happy with the outcome.”The sprawling mansion has a raft of luxury features including a waterfront pool, gated entry and manicured gardens. 2230 Arnold Palmer Drive, Sanctuary Cove. 57 Woodgee St, Currumbin. 8-10 Marseille Court, Bundall, $9 million 31-33 The Corso, Isle of Capri, $8.8 million 504 The Esplanade, Palm Beach, $5.5 million The riverfront property in the Bundall locale of Sorrento sold for $9 million, smashing the suburb record.Property records show the palatial house at 8-10 Marseille St was bought by investor Robyn Smith in 2007 for $6.2 million.Ms Smith extensively renovated the property — the result being a luxury resort-style residence on a sprawling 2703sq m riverfront block.It was listed at almost $14 million last year before being dropped to $9.95 million. 103-105 Hedges Ave, Mermaid Beach, $11.6 million 3-7 Sir Lancelot Close, Sovereign Islands. 9 Hedges Ave, Mermaid Beach, $12 million It should come as no surprise the highest property purchase of 2018 belongs to billionaire Clive Palmer who splashed $12 million on a beach house in Mermaid Beach.It has a raft of luxury features including a boxing ring, fully airconditioned gym, 22m lap pool and direct beach access.Mr Palmer bought the home from developer John Potter.He signed up for the four-level Hamptons-style residence after a 20-minute inspection and after getting the thumbs up from wife Anna 504 The Esplanade, Palm Beach. 2230 Arnold Palmer Drive, Sanctuary Cove $6.5 million 103-105 Hedges Ave, Mermaid Beach- the second highest sale of 2018. More from news02:37International architect Desmond Brooks selling luxury beach villa13 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago 3250/23 Ferny Ave, Surfers Paradise, $9.5 million Coming in a close third is another mega mansion, this time on The Sovereign Islands.Amir Mian, principal of Prestige Property Agents, confirmed the sale of Grande Vista.“It’s just over $11 million,” Mr Mian said. “It is the highest sale on The Sovereign Islands. A local buyer will be moving into it.”The property now holds the sales record on The Sovereign Islands — the record was previously held by Baltimore, a mega mansion that changed hands for $11 million in 2006. 8-10 Marseille Court, Sorrento sold for $9 million earlier this year.MULTIMILLION-DOLLAR views and an endless list of jaw-dropping features.The top Gold Coast sales of 2018 include mansions on the beachfront, sprawling estate, several riverfront residences and even a sky-high penthouse.All top-10 properties come with a long list of luxury features while the top three sales broke the $10 million mark.Real Estate Institute of Queensland Gold Coast zone chairman Andrew Henderson said the prestige sales showed there was strength in the Gold Coast property market.“For a non-capital city there are some big-ticket sales,” he said.“Once you get into that $10 million range it is a very limited residential market, but obviously it shows there is still strength in the Gold Coast market in general.” The sale of a palatial Surfers Paradise apartment for $9.5 million holds the Gold Coast penthouse sale record.Property development company owner Ron Bakir sold the apartment in January.The luxurious skyhome at the Towers of Chevron Renaissance, which spans the 39th and 40th floors, is on one of the most popular tourist strips in the country and took two years to build.It has four bedrooms, five bathrooms, 21 car spaces and panoramic views over the city, beaches, main river and Gold Coast Hinterland. MORE NEWS: Gold Coast mega mansion sells in a deal worth more than $9 million An interstate buyer paid $5.6 million for a spectacular Currumbin beach house, the second highest sale recorded in the suburb.Marketing agent Carol Carter of Queensland Sotheby’s International Realty said the ocean views and quality of the build set the house apart.The highest sale in Currumbin was $8.2 million in 2010 for a six-bedroom house on James St. 8-10 Marseille Court, Sorrento.last_img read more