Only a handful of waterfront lots remain in the initial stages of the prestigious $650 million Serenity Cove community on the northern Gold Coast, with buyers reeling in more than 50 properties at the masterplanned project.

The diminishing supply of waterfront land in the city and a start to construction on the long-awaited Hope Island shopping centre has driven a recent $5 million spike in sales, including $1.3 million paid for a 1200sq m waterfront block.

The strong buyer activity has brought total sales at Serenity Cove to $40 million since its launch in late 2016, leaving just 11 initial release lots available for sale.

Savills Director of Residential Chris Jones said buyers were predominantly locals downsizing from large residential allotments or families moving from nearby Coombabah and Hope Island.

“As locals they recognise the value and scarcity of this centrally located waterfront land on the Gold Coast,” Mr Jones said.

“They are drawn to the direct access they’ll enjoy to the Coomera River, The Broadwater and the nearby Coombabah environmental reserve.

“It’s a rare opportunity to have one of the Gold Coast’s most pristine eco-environments on your doorstep.

“Buyers are also excited that, after more than a decade of discussion, work is underway on the Hope Island shopping centre which will put major shopping and services within easy reach.”

The volume of land sales at the community has seen construction activity escalate with many homes underway.

Mr Jones said early buyers in Serenity Cove were also positioning themselves for greater capital gains as the community’s masterplan unfolded.

“Prices will inevitably rise as Serenity Cove’s vision takes shape and comes to life with its community infrastructure,” he said.

Serenity Cove will ultimately comprise a mix of 450 apartments, townhomes and freestanding homes, as well as a mini-marina with a stunning 3800sq m retail and dining precinct fronting the centrepiece lake, known as Lake Serenity.

The community, which borders Oyster Cove and Hope Island Resort, is considered the final piece of the Hope Island masterplan and will deliver a new marine hub featuring luxury homes and designer apartments with water views.

Capitalising on its unique location, the community has been designed as a haven for boaties by offering full marine amenities, including a $5 million lock providing direct access to major Gold Coast waterways.

More than a third of the Serenity Cove site, or about 27ha, is dedicated as a nature reserve while a further 10ha will become parkland. Just 19ha of Serenity Cove will be developed.

Serenity Cove is being developed in a joint-venture partnership between Malaysian multi-nationals Sime Darby and Brunsfield International Group.

Remaining lots at Serenity Cove start from at $495,000.

Visit the Serenity Cove sales office on Helensvale Road (opposite Sabrina Avenue), Helensvale, which is open each day from 10am to 4pm.

For more information visit www.serenitycove.com.au or phone 1800 118 018.