Construction begins on $500m Nalu luxury development at Miami on Gold Coast

A $500 million Gold Coast development on the beachfront promises apartment living with the scale of a private home – and a $30 million penthouse to match.

The landmark residential development Nalu by Monaco Property Group includes 44 residences across a 7238sq m site at the base of the iconic Nobby’s headland in Miami Beach.

Early works have started on Monaco Property Group’s Nalu by Monaco, where prices for the 44 apartments start at $6.95 million. The six-bedroom penthouse is priced above $30 million.

Nalu’s iconic site has 80m of beach frontage with house-like private residences, huge outdoor living areas and more than 3000sq m of resident-only amenities.

The project is the vision of Monaco Property Group co-founders Jonathan Grasso and Jay McPhee, with architecture by BDA Architecture, interiors by Tom Mark Henry and landscape design by LDG Landscape Architecture.

Monaco Property Group paid $70 million in 2024 for the site.

“This is a project we want to stand the test of time,” Mr Grasso said.

“Every decision, from the scale and architecture to the landscaping, wellness and amenity, has been considered around how people will live here, both now and well into the future.

“The scale and rarity of the site presented an opportunity to do something not seen before – to create a more boutique collection of larger beachfront residences, with greater privacy, more generous amenity and an uncompromising focus on quality.

“Nobby’s Outlook is part of the Gold Coast’s history. We recognise the responsibility that comes with this location and want Nalu to make an enduring contribution to it.”

Michael Kollosche, principal of the project’s sales and marketing agency, Kollosche, said Nalu was designed for buyers seeking the convenience of apartment living while retaining the qualities they valued in a substantial home.

“People moving from large beachfront and waterfront homes are accustomed to space, privacy and the ability to entertain family and friends comfortably,” Mr Kollosche said. “They want less maintenance without compromising on how they live.

“That was central to the thinking behind Nalu — generous residences, substantial outdoor spaces and an amenity offering that makes the move feel like an improvement in lifestyle.”

Mr Kollosche said inquiry included owners of nearby Hedges Ave and Albatross Ave beachfront homes, alongside buyers from Brisbane, Sydney, Melbourne and New Zealand.

Residences range from 237sq m through to the largest homes exceeding 1,400sq m, with layouts designed to accommodate everyday living, entertaining and visiting family. Resident amenities include a world-class bathhouse and wellness offering, incorporating a thermal mineral pool, two cold plunges, snow room, sauna, steam room and red-light therapy suite. There will also be a Technogym-equipped gymnasium, reformer pilates and yoga studio, alongside two resort-style swimming pools.

Prices start from $6.95 million, while the pinnacle of the collection is a six-bedroom ultra-penthouse, with pricing exceeding $30 million.

Construction has already started on site, with G & H Civil appointed to undertake early works. Nalu will be delivered through Monaco Property Group’s construction arm, which is set to be EastBuild Partners, and will be supported by project and construction managers, Eastview.

Originally published as Construction begins on $500m Nalu luxury development at Miami on Gold Coast.