Palm development opposite Cronulla beach. Picture by Murray Trembath

A $100 million luxury development , which is being built on the site of a former amusement park opposite Cronulla beach, has achieved a major milestone.

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A traditional topping out ceremony was held to celebrate the completion of the highest structural point of the project, named Palm.

The developer Sammut Group and builder Versatile Construction were joined by project partners ANZ, Alceon and PBD Architects, alongside Palm purchasers and retailers for the event.

Topping out celebration on the Palm development opposite Cronulla beach. Picture supplied

Sammut Group chief operating officer Julian Sammut said Palm offered "a new level of luxury" in Sutherland Shire.

Mayor Jack Boyd, who attended the event, said the project "sets a strong benchmark for quality, supports local jobs, and is helping to shape the future of Cronulla in a considered way that preserves the coastal character that makes the Shire so special".

Sammut Group purchased the site next to the walkway between the beach and train station for $38 million in 2022 and demolished the block of 18 red brick flats, named Carousel. Picture by Murray Trembath

Sammut Group said the nine-storey building would provide "23 high-end apartments alongside a curated ground-floor retail offering and is set to become a defining addition to Cronulla's evolving coastal skyline".

"The development features a mix of two and three-bedroom residences, along with a premium penthouse," a statement said.

Artist's impression of the completed development. Picture supplied

"Palm is set to be completed in the second half of 2026, with 65 per cent of apartments already sold."

Sammut Group purchased the site next to the walkway between the beach and train station for $38 million in 2022 and demolished the block of 18 red brick flats, named Carousel.

The block was so named because, for many years, an amusement park, including a popular carousel, was located on the site.

Before it became a permanent carnival site in the 1950s, the land was used by visiting circuses.