Nearly one out of every 10 new condominium suites sold across the Greater Toronto Area last year was a Menkes condo, according to an industry report released last week. The 2013 Strategic Review of the GTA’s housing market from RealNet Canada Inc. and the Building Industry and Land Development Association (BILD), showed that Menkes’ Harbour Plaza Residences was the condominium market’s top selling site of 2013.
“The market response to the launch of Harbour Plaza Residences was overwhelming,” says Alan Menkes, president, High-Rise Residential, Menkes Developments Ltd. “The release of the site’s West Tower was met with incredible demand, followed by a successful limited release of suites in the East Tower. We believe that the strong market reaction was due to the fantastic attributes at Harbour Plaza, particularly the direct PATH connection, which is a rare feature in today’s condo market.”
With strong launches for both Harbour Plaza towers, Menkes sold 858 condominium units in 2013 according to RealNet. That single project sales total was the highest total for any new condominium development in the GTA last year.
The RealNet Strategic Review showed that Menkes also had the fourth best-selling condo site, with 311 sales at its 365 Church condominium development.
Sales at Harbour Plaza and 365 Church, combined with sales at other Menkes sites across the GTA last year, including 87 Peter, Fabrik, Pears on the Avenue and Gibson Square, resulted in 1,511 sales, and a 9.3 per cent share of the market.
“In a year where both launches and sales were down on an industry-wide basis, Menkes found itself with nearly 10 per cent of the condo market,” says Alan Menkes, pointing to the fact that his company’s cumulative sales in 2013, across all its sites, were nearly double the total sales for the year’s next best-selling developer.
“Heading into 2013 we were confident that distinctive locations, iconic architecture and design, and smart pricing would drive sales,” adds Menkes. “Today, looking back on last year, it’s evident that our confidence in the market- and our approach predicated on location, design and price- proved well placed. We were honoured by the response of consumers to the launch of Harbour Plaza and 365 Church, and their continued support of our other high rise sites, and we are looking forward to continued success in the year ahead.”