A new residential complex Belise designed by Architects Australia is set rise by Brisbane’s CBD.

The developers are promising a ‘five-star hotel experience at an affordable price’ in the 228 apartments.

They say the quality and design of these apartments has already attracted buyers in strong numbers, despite reports of an oversupply” of new apartments in Brisbane’s inner city.

The Group Kildey and Reed Property Group development partnership will commence construction of the new complex at Bowen Hills, Brisbane’s newest precinct bordering the CBD, Fortitude Valley, Bowen Hills and RNA showground.

Work is scheduled to begin in the first quarter of 2013.

The project has been endorsed by Michael Matusik, director of independent property advisory Matusik Property Insights.

He claims that a perceived “oversupply” of new apartments in Brisbane’s inner city a myth because many developments are not proceeding to construction.

In a recent property report, Matusik wrote that there had been too much talk and not enough action when it came to new apartment development, causing a shortfall of supply in the market.

“At present, there is much public comment about a pending oversupply of new apartments across inner Brisbane,” he said.

“However, while the city has lots of new apartments expected to be developed, the fact remains that not enough new developments are actually being built.

“Over the last five years, for example, 13,000 new dwellings were required to accommodate the population growth, yet – based on the official statistics – just 8,000 new dwellings were approved. Last year, just 1,900 new dwellings were approved. At present there is a serious shortfall.”

Matusik said off-the plan sales at Belise had gone from “strength-to-strength”.

Matusik said the Belise development was located in one of Brisbane’s hot spots.

“Almost 230,000 people live within inner Brisbane. This area – 35 suburbs around the Brisbane CBD – has been growing by around 5,000 (4,750 to be exact) new residents each year,” he said.

“One-quarter of Brisbane City’s total population growth is now accommodated within these inner city suburbs.

“We expect this growth to continue. There are 1.9 people (on average) per dwelling across Brisbane’s inner suburbs. A 5,000 annual increase in the inner city’s population means that around 2,650 new dwellings need to be built every year.”