Perth apartment project push steady-as-she-goes

The West Australian

14th January 2015.

Apartment developments look set to remain the key sector in Perth’s construction industry with new projects entering the market in the opening weeks of the New Year.

Pindan Capital, the property fund management business of construction and building company Pindan has released plans for a 214-apartment project with a sales value of $100 million at 52 Lord Street in East Perth.

Pindan Capital purchased the 4882sqm site in November and is seeking investors to finance the construction of the nine-storey complex, open deck pool and ground-floor commercial space.

Scott Davison, Pindan Capital’s funds management general manager said development approval was expected during the first quarter ahead of marketing and the start of construction in mid-2015.

“There is a very high level of apartment construction under way in Perth, and this will continue for the majority of this year and has put upward pressure on apartment construction prices,” Mr Davison said.

The complex will have studio, one and two-bedroom apartments and will be built by Pindan’s construction arm.

Mr Davison said apartment sales had slowed but the market was still sound with a reasonable level of sales still being achieved.

In Inglewood, Sirona Capital and developer Luke Saraceni are expanding their development partnership with the start of preconstruction sales at the mixed-use project Tenth and Beaufort.

The 91-apartment development is valued at $55 million and will be located on the IGA supermarket site on the corner of Beaufort Street and Tenth Avenue.

Westbridge Property Group, the partnership between Saracen Properties and Sirona Capital, has priced one-bedroom apartments from $399,000 and two-bedroom apartments from $499,000.

Westbridge Property Group director Matthew McNeilly said the development would have a laneway lobby entrance and retail space to integrate with Beaufort Street’s commercial activity.

“With the CBD only 5km away, Inglewood has become a desirable location as buyers and investors seek an apartment lifestyle near the city,” Mr McNeilly said.

Shopping centre owners are also preparing for a major wave of expansion, weighing-in on construction activity this year.

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