5Point has started construction on Alora, a $100 million, 17 level building of 38 residences on an elevated 810 square metre corner site at 12 Ward Street, Rainbow Bay, the tightly held pocket at the southern tip of the Gold Coast between Coolangatta and the New South Wales border. Demolition of the previous building is complete, piling is underway and the builder-developer has set completion for the third quarter of 2028.
Designed by TVS Architects, Alora holds 22 two bedroom apartments, 14 three bedroom apartments and two penthouses, with every residence placed to take in the ocean both to the north and to the south. From the corner the outlook runs across Rainbow Bay and the Snapper Rocks surf break, north along the coast to the Surfers Paradise skyline, and south and west over the Tweed and the hinterland.
Two bedroom residences range from 103 to 116 square metres and are priced from $1.7 million; the three bedroom residences run from 154 to 169 square metres and start at $3.2 million.
5Point founder and managing director Damian Dove says the site itself drove the decision to buy.
Rainbow Bay is one of Australia’s most tightly held coastal locations and opportunities to secure a site of this calibre are exceptionally rare. We recognised immediately what made this site special. Its corner position provides expansive outlooks in multiple directions, from Rainbow Bay and Snapper Rocks through to the Surfers Paradise skyline and across to the Tweed and hinterland.
Damian Dove, Founder and Managing Director, 5Point
TVS Architects, led on this project by director Brett Harbourne, is a repeat collaborator for 5Point, and the architecture, interiors and landscape have been designed together as a single coastal response: natural materials, a timeless coastal palette, curved balcony edges with planted rims, and floor plans set up for the way owner-occupiers live in Rainbow Bay, with generous outdoor rooms and the ocean framed from the bedrooms as well as the living spaces.
We wanted to create a premium residential building that responds to Rainbow Bay’s environmental landscape and the way people want to live here. 5Point’s role as both developer and builder was fundamental to how the company approached Alora.
All residences have ocean views, generous outdoor spaces and the architecture and interiors that have a genuine connection to this coastal location.
Damian Dove, Founder and Managing Director, 5Point
The amenity is generous for a building of 38 homes: a 15 metre swimming pool and spa, a sauna and steam room, a gymnasium, a private dining room, a residents lounge and bar, work-from-home facilities and, in a nod to the address, personal surfboard lockers for the walk down to Snapper Rocks.
ARC Project Marketing’s Dylan Molloy, who is handling sales from a display at 9/118 Griffith Street, Coolangatta, says the buyer profile so far is local owner-occupiers, and that the start of construction and the builder-developer model are doing much of the selling.
Buyers today are looking beyond location and design. They want confidence in who is delivering the project, and having 5Point as both developer and builder ensures Alora will be built with that certainty.
Alora has generated strong interest from local owner-occupiers seeking liveable floorplans with premium finishes and lifestyle amenities, combined with views that are increasingly difficult to replicate in this part of the Gold Coast.
Dylan Molloy, ARC Project Marketing
Rainbow Bay has become one of the most active boutique apartment markets in south-east Queensland. Brisbane Development reported earlier this year that S&S Projects had appointed Hutchinson Builders for its $250 million Radia on Boundary Street, and in July that a Flow Residences apartment resold off market for $7.4 million, a measure of how far prices in the bay have travelled. Alora adds 38 new homes to a suburb where new supply arrives one small corner site at a time.
Now that demolition is complete and construction is underway, we are moving into the delivery phase of that vision, where our team is focused on producing a quality premium product for our buyers.
Damian Dove, Founder and Managing Director, 5Point
Project Rundown
| Development Parameter | Proposed Development |
|---|---|
| Address | 12 Ward Street, Coolangatta (Rainbow Bay) QLD 4225 |
| Project | Alora, a boutique residential building |
| Site Area | 810 m² elevated corner site |
| Height | 17 levels |
| Apartments | 38: 22 two bedroom, 14 three bedroom and 2 penthouses |
| Apartment Sizes | Two bedroom 103 m² to 116 m²; three bedroom 154 m² to 169 m² |
| Prices | Two bedroom from $1,700,000; three bedroom from $3,200,000 |
| Amenity | 15 m swimming pool, spa, sauna, steam room, gymnasium, private dining, residents lounge and bar, work-from-home facilities and surfboard lockers |
| Views | Rainbow Bay and Snapper Rocks, north to the Surfers Paradise skyline, south and west to the Tweed and hinterland |
| Sustainability | Framework: Not specified or detailed within the documents reviewed. 5Point notes multiple industry awards for design excellence, quality and sustainability across its completed projects. Envelope: Every residence is positioned for both northerly and southerly ocean views on a corner site, with generous outdoor spaces; natural materials and a coastal palette by TVS Architects. Living Greenery: Landscaping by TVS Architects as part of an integrated architecture, interiors and landscape response, with planting on the balcony edges and the podium. Water: Not specified or detailed within the documents reviewed. Movement: Personal surfboard lockers for residents; Snapper Rocks, Rainbow Bay beach and the Coolangatta town centre are within walking distance. Car parking numbers not stated in the release. Solar PV: Not specified or detailed within the documents reviewed. Waste & Recycling: Not specified or detailed within the documents reviewed. |
| Project Value | $100 million |
| Status | Demolition complete, construction commenced September 2026 |
| Completion | Third quarter of 2028 |
| Developer and Builder | 5Point |
| Architect, Interiors and Landscape | TVS Architects (director Brett Harbourne) |
| Sales | ARC Project Marketing (Dylan Molloy); display at 9/118 Griffith Street, Coolangatta, by appointment |
| Website | alorarainbowbay.com.au |
5Point is a south-east Queensland builder-developer led by founder and managing director Damian Dove, who established the company after two decades in construction and engineering with tier one and ASX-listed contractors. The group has delivered more than $1.75 billion of projects and has collected multiple industry awards for design excellence, quality and sustainability.
Its recent Gold Coast completions are Ophira at Palm Beach and Faro at Broadbeach, both finished earlier in 2026, and it is currently building Palm Shores at Palm Beach, due in the second quarter of 2027, and Lumara at Broadbeach, due in the second quarter of 2028. Brisbane Development reported in March 2025 that Palm Shores had sold half its apartments within four weeks of pre-launch.
Renders by TVS Architects and site photographs supplied by 5Point; renders are indicative and subject to change. Figures are drawn from the 5Point media release of September 2026 and the Alora sales material.
