Gurner developer and 32-year-old Tim Gurner, who made BRW's young rich list in 2013 with an estimated worth of $26 million, said the three-tower development had received 2500 registrations since the first stage was launched.

"A huge amount (of enquiry) is out of Sydney, 30 to 40 per cent," Mr Gurner said.

"Melbourne not so much and WA just a bit."

There are 810 apartments to choose from, with the cheapest starting from $375,000.

A two-bedroom, one-bathroom apartment would set you back $490,000 and the two-bedroom, two-bathroom apartments start from $570,000 and go up to $700,000.

Local interest, especially for the more expensive stock, has also been strong, according to Gurner.

Three of the four penthouses have already been sold to local business people for $1.45 million, $1.55 million and $1.7 million.

But the $1.8 million penthouse is off limits – Mr Gurner is keeping the crème de la crème for himself.

"They're pretty expensive apartments sold to local businessmen within one kilometre of the site," Mr Gurner said.

"That's given me a lot of confidence."

The 5000-square-metre site is architecturally designed by Elenberg Fraser and one of the buildings is named after New York's famous Flatiron building.

The development also includes a luxurious 90-room, 4.5 star hotel and a 3000-square-metre private club, which features a pool and sunken bar, three VIP lounges and a BBQ area.

However, the rental market in Fortitude Valley has remained flat over the past 12 months, with the median unit price dropping by 1.1 per cent or down to $445 per week as more supply comes onto the market, according to the latest Domain Group figures.

Domain Group senior economist Dr Andrew Wilson said new stock was something both local and interstate investors needed to watch out for.

"There's no doubt new supply of apartments in Brisbane has maybe pushed the supply level over demand," he said.

"Not withstanding that, it's good to regenerate those areas into new modern residences and there's growing demand for smaller properties, although Brisbane isn't quite the same as Sydney, because it doesn't have the same commuting constraints."

Mr Gurner shrugged off oversupply issues.

"When I bought the site in August last year everyone was telling me there was enormous undersupply. Now in a six to eight-month period, the press is saying oversupply," he said.

"I think the oversupply has been very much talked up."

The Valley Heart Portfolio on the market

Speaking of new supply, The Valley Heart Portfolio, a 9340-square-metre site in Brisbane's Chinatown mall, is on the market for those who might happen to have the millions of dollars required to purchase it.

It consists of mixed-use buildings across two land parcels on Brunswick Street and Duncan Street.

Colliers International director of capital markets and investment services Tom Phipps said the portfolio was just 1.2 kilometres from the Brisbane CBD.

"The Valley Heart Portfolio offers the flexibility to hold the properties as an investment, with future development upside, or to immediately commence the development process while enjoying significant holding income," he said.

"The size of the parcel means The Valley Heart Portfolio is zoned for development up to 30 storeys. One of Australia's leading architectural firms, Nettletontribe, has designed a code compliant scheme (pictured) which provides for a minimum of 840 apartments."