SANCTAURY Cove Golf and Country Club has set a new Australian record with its latest prospectus for the sale of transferable equity-based memberships in its golf, sports and leisure facilities.

The second prospectus for 170 memberships sold out in
14 weeks - more than nine months earlier than anticipated. The first prospectus - which closed last October with a take up of 100 new members and the conversion of 90 per cent of existing eligible members - was also sold out in record time.

Mulpha Sanctuary Cove chief executive officer Geoff Grady says the exceptional take-up of both prospectus offers, valued at more than $20 million, indicates market acceptance of the diverse lifestyle benefits at Sanctuary Cove.

"People see the value in investing in the lifestyle at Sanctuary Cove. Buyers have great confidence in their investment," he says.

"They are attracted by the superior lifestyle opportunities and the benefit of membership in a secure environment, with access to two world-class golf courses and a new sports and leisure centre. The latest members have had no hesitation in paying up to $37,000 for the benefit of a single membership."

Golf Australia's Jeff Blunden says the club has defied the trend of other golf clubs selling equity-based memberships.

"Never before has an Australian club sold 270 memberships at the prices attained by Sanctuary Cove so quickly. To sell 170 memberships from $28,000 to $37,000 in just 14 weeks is nothing short of extraordinary.  The industry is watching what Sanctuary Cove is doing in amazement," he says.

Club general manager Paul Grainger says the success is the result of a number of parties with a shared vision uniting.

"The credit for the incredible success we have experienced needs to be divided equally among the parties involved - the existing members, who were responsible for referring nearly 50 per cent of the new members, and membership staff, led by Wayne Holmes, who has worked extremely hard over the past year with a great passion and professionalism," he says.

Sanctuary Cove Golf and Country Club recently started a three-stage, $12 million redevelopment. Construction has started on a new $7 million clubhouse on the Arnold Palmer signature Pines Golf Course. The Country Club will be upgraded to include a five-star day spa, gymnasium and dining facilities, to be built next year. A $3 million redevelopment of the Palms Golf Course is also planned.