CASE STUDY
The Cullinan (Luks Investments)
The Cullinan (Luks Investments)
758 Buyer Leads at $10 CPL for Adelaide CBD Apartments
758 Buyer Leads at $10 CPL for Adelaide CBD Apartments
Luks Investments launched The Cullinan Royale at 175 Waymouth St Adelaide (an 18-level architectural tower with 2 & 3 bedroom apartments) and ran 100+ leads a month at a $10 CPL for six straight months on $7,790 of Meta spend. CTR sat at 3x the property benchmark. The February 2025 launch creative pack carried 71% of all leads across the entire 8.5 month engagement.
Luks Investments launched The Cullinan Royale at 175 Waymouth St Adelaide (an 18-level architectural tower with 2 & 3 bedroom apartments) and ran 100+ leads a month at a $10 CPL for six straight months on $7,790 of Meta spend. CTR sat at 3x the property benchmark. The February 2025 launch creative pack carried 71% of all leads across the entire 8.5 month engagement.
Industry
Industry
Property Development (Apartments, off-the-plan)
Property Development (Apartments, off-the-plan)
Services
Services
Google Ads, Meta Ads, Multi-Step Landing Page, Lead-to-CRM Sync, Enterprise Reporting
Google Ads, Meta Ads, Multi-Step Landing Page, Lead-to-CRM Sync, Enterprise Reporting
Timeline
Timeline
February to October 2025 (8.5 month engagement)
February to October 2025 (8.5 month engagement)
Buyer Leads
Buyer Leads
758
Average Cost Per Lead
Average Cost Per Lead
$10.28
Leads from Best Ad
Leads from Best Ad
169
The Challenge
Challenge
The Challenge
Challenge
The Challenge
Challenge
Fill an 18-Level Tower Across Four Buyer Types
Luks Investments is the Adelaide developer behind The Cullinan Royale: an 18-level architectural tower at 175 Waymouth St Adelaide CBD, with hand-made brick columns cut from Adelaide Hills stone, rooftop landscaped gardens, raised pool and gymnasium. 2 & 3 bedroom apartments from under $1.363M with floor-to-ceiling views of the CBD and Adelaide Hills. Sold through Belle Property International.
Luks Investments is the Adelaide developer behind The Cullinan Royale: an 18-level architectural tower at 175 Waymouth St Adelaide CBD, with hand-made brick columns cut from Adelaide Hills stone, rooftop landscaped gardens, raised pool and gymnasium. 2 & 3 bedroom apartments from under $1.363M with floor-to-ceiling views of the CBD and Adelaide Hills. Sold through Belle Property International.
A genuinely distinctive product at a price point under $1.4M, opening the addressable buyer pool across owner occupiers, downsizers, investors, and first home buyers in one campaign.
A genuinely distinctive product at a price point under $1.4M, opening the addressable buyer pool across owner occupiers, downsizers, investors, and first home buyers in one campaign.
An apartment tower does not get a second launch window. Pipeline had to fill fast and hold across an 8 month sales cycle, without one of the four buyer types starving the others.
An apartment tower does not get a second launch window. Pipeline had to fill fast and hold across an 8 month sales cycle, without one of the four buyer types starving the others.
0 paid leads at launch (Feb 2025), no buyer profiling, no CBD-specific paid presence
0 paid leads at launch (Feb 2025), no buyer profiling, no CBD-specific paid presence
Execution
Execution
Execution
Execution
Execution
Execution
Four Pillars That Transformed the Pipeline
Landing Page
Multi-step Stratosphere Lead Page at go.thecullinan.com.au. Step 1 captured contact details; step 2 profiled buyer type, timeframe, bedrooms, budget, broker status, display visit intent. Landing page held a 7.42% conversion rate (above the 3 to 6% benchmark).
Landing Page
Multi-step Stratosphere Lead Page at go.thecullinan.com.au. Step 1 captured contact details; step 2 profiled buyer type, timeframe, bedrooms, budget, broker status, display visit intent. Landing page held a 7.42% conversion rate (above the 3 to 6% benchmark).
Google Ads
Brand defence on "The Cullinan", "175 Waymouth", Luks Investments variants. Adelaide CBD geo on apartment-intent search.
Google Ads
Brand defence on "The Cullinan", "175 Waymouth", Luks Investments variants. Adelaide CBD geo on apartment-intent search.
Meta Ads
3 campaigns (Prospecting, Prospecting Broad, Retargeting), 22 unique creative variants tested. The February 2025 launch creative batch dominated: top 5 ads alone delivered 538 of 758 lifetime leads (71%). Best single ad: 169 leads at $8 CPL on a 2.99% link CTR.
Meta Ads
3 campaigns (Prospecting, Prospecting Broad, Retargeting), 22 unique creative variants tested. The February 2025 launch creative batch dominated: top 5 ads alone delivered 538 of 758 lifetime leads (71%). Best single ad: 169 leads at $8 CPL on a 2.99% link CTR.
Data & Attribution
Monthly performance decks to Luks Investments from June 2025. Lead dashboard fed Belle Property International's sales workflow with full profile data attached, so the sales team called profiled buyers, not raw form fills.
Data & Attribution
Monthly performance decks to Luks Investments from June 2025. Lead dashboard fed Belle Property International's sales workflow with full profile data attached, so the sales team called profiled buyers, not raw form fills.
The Outcome
Outcome
The Outcome
Outcome
The Outcome
Outcome
100+ Leads a Month, Six Months Straight, on Launch Creative
758 leads across 8.5 months at a $10.28 CPL on $7,790 of Meta spend. CTR at 3x benchmark and landing page conversion at 7.42%. Profile Lead Rate averaged 76%. The February 2025 launch creative batch carried 71% of all leads. Wound down in October 2025 once the pipeline was filled.
758 leads across 8.5 months at a $10.28 CPL on $7,790 of Meta spend. CTR at 3x benchmark and landing page conversion at 7.42%. Profile Lead Rate averaged 76%. The February 2025 launch creative batch carried 71% of all leads. Wound down in October 2025 once the pipeline was filled.
Launching an Apartment Tower?
We delivered 758 buyer leads at a $10 CPL for Luks Investments on The Cullinan, on just $7,790 of Meta spend. If you have an apartment release that needs a paid engine across an 8 month window, let's talk.
© 2026 Market Lead Pty Ltd. All rights reserved.