Apartment Developers SPECIAL REPORT - Business News
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Apartment Developers
SPECIAL REPORT
F E AT U R E
Apartment sales
up amid shift in
density debate
Confidence is returning to the state’s
apartment market, with developers
seeking to boost their project pipelines.
SHIFT: Paige Walker says the appetite for density in Perth has changed as people become more familiar with apartment living. Photo: Attila Csaszar
Six of these were launched in the last
It’s the quality projects that are really quarter, amounting to 702 apartments –
the highest number of new apartments
launched in the past 12 months, suggest-
well located in terms of area and access to ing a renewed confidence in the Perth
market.
amenity that are meeting the market and Urbis director of property econom-
ics and research, David Cresp, said 2017
proceeding to development - Paige Walker presented a perfect storm for Western
Katie McDonald Australia’s apartment market.
katie.mcdonald@businessnews.com.au been particularly drawn to the group’s as it is in the right location and has access “Perth has had the longest period of real
9-PAGE FEATURE development at LandCorp’s Claremont on to amenity.” estate downturn we’ve seen in some time,”
T
HE latest sales data for Perth’s the Park precinct, with many purchasers Ms Walker said the positive signs had Mr Cresp told Business News.
apartment market indicates a posi- looking to downsize but remain in the area continued throughout the first part of “We’re now starting to come out of
tive shift in sentiment and activity, where they already live. this year. that, but at the same time, 2017 saw a high
particularly among owner-occupiers. The 233-apartment project across two “There’s more activity,” she said. number of apartment buildings completed.
Perth recorded 410 apartment sales six-storey buildings is currently under con- “The market has been uncertain as to “The problem with apartment develop-
during the first quarter of 2018, the most struction and due for completion late 2018. apartment demand, whereas now people ment is you’re not talking about something
per quarter charted by the Urbis Apart- “In terms of general density, the appetite are more confident. that you plan to build and nine months
ment Essentials report since the first in Perth has changed,” Ms Walker told Busi- “It’s the quality projects that are really later it’s there; you’re talking about some-
quarter of 2016. ness News. well located in terms of area and access to thing you’re planning for three or four
Of those transactions, owner-occupiers “People are becoming more accepting of amenity that are meeting the market and years before it comes to fruition.”
dominated purchases, up 17 per cent on the density and I think that’s partly because in proceeding to development.” Urbis recorded 2,905 apartment comple-
previous quarter and accounting for 65 per the last 12 to 24 months they’ve seen some tions during 2017, the most it has delivered
cent of sales. really good-quality projects delivered to
Activity in three years.
While the economic downturn may have the market; that’s made people more com- The latest data from Urbis shows there “While conditions have not been great
suppressed apartments’ appeal to investors fortable about what density means. are 35 projects under construction across for developers over the last few years, we
over the past few years, the owner-occu- “And I think they’ve also seen the bene- Perth, containing 3,517 apartments. While don’t think that there is a structural over-
pier market, particularly downsizers, has fits (of apartment living). They’re starting this number is down compared with the supply of apartments,” Mr Cresp said.
been an emerging saving grace. to realise that, rather than staying in the same time last year, the number of projects “And to provide the infill and housing
Mirvac general manager, residential WA big family home, they can comfortably likely to commence (those currently in pre- diversity that Perth needs, continuing to
Paige Walker, says owner occupiers have downsize into a quality apartment as long sales) had almost doubled. provide apartment supply will be vital.”
FEATURE
Key takeaways
PERTH APARTMENTS MARKET 2018
State land agency LandCorp has been a
key facilitator in opening up infill locations.
Development is under way at its Clare- • Apartment sales up on
mont on the Park precinct, and subdivision last year UNDER CONSTRUCTION
and sales have been launched at Parkside
Walk in Jolimont and Montario Quarter in • Owner-occupier appetite
35 projects 3,517 apartments
Shenton Park.
increasing, representing 2017: 46 projects 3,797 apartments
LandCorp chief executive Frank Marra
said partnering with developers enabled the 65 per cent of the buyer LIKELY TO COMMENCE (PRESALES)
agency to deliver a diverse range of density market
options. Oryx Properties was the latest
developer to buy into Claremont on the Park • Pipeline of projects
28 projects 2,279 apartments
with plans for an aged-care facility co-lo-
in presales has almost 2017: 15 projects 1,819 apartments
cated with assisted living and childcare.
Iris Residential (formerly TRG Prop- doubled since 2017
erties) acquired sites in all three of these
TOP DEVELOPERS
Sales in year to March 31 2018
precincts in the past 12 months, and chief • Developers on the hunt
1) Finbar Group 1,347 3) Psaros 413
operating officer Tanya Trevisan said the for well-connected
group was planning to lodge development 2) Blackburne 525 4) Edge Visionary Living 364
locations surrounded by
applications for these projects this year. 5) M/Group - Match 298
“We target high value established areas amenity
because they generally have low (apart-
ment) supply,” she said. • Industry confident on
Ms Trevisan said while the industry
Perth’s future growth
was generally more optimistic about the
market, regulatory measures could encour-
age more uptake of apartment living. of accommodation as they age and retire
“Both sides of politics have been talking that Perth didn’t deliver in the past. *Data as at March 2018 and March 2017 quarters | Source:Source:
Urbis Essentials
Xxxxxxx
about supporting and encouraging housing “We’ve got about 700 apartments already
diversity and the infill agenda,” she said. in the market, so we’re probably ahead of
“Concessions for seniors and reforms for the curve by 18 months. It takes time to
off-the-plan purchases in line with other catch up and we’re feeling like we’re well
states would be great. placed to deliver the right product at the
“And I’d really like to see the government right time.”
bring in some stamp duty reform.” Blackburne managing director Paul Black-
Iris Residential managing director burne has also ramped up his project pipeline,
Simon Trevisan said there was an incon- with five projects currently under way.
sistency in current stamp duty practices. “We now have more projects under con-
“If you buy a house-and-land package, struction than we ever have in the history
you pay stamp duty on the land not the of the company,” Mr Blackburne, a former
house,” he said. 40under40 First Amongst Equals, told Busi-
“An apartment, you pay stamp duty on ness News.
the finished product even though you con- “We’ve been able to secure good sites and
tract when it’s a piece of land. develop high-quality projects.
“It prejudices the infill agenda and it’s “I think it’s going to be a long time
just a matter of evening out the playing before the market returns to the strength FORERUNNER: Stirling Capital’s $110 million 20-level apartment tower is
field.” it was at, but it’s improving and the the first of several developments planned for the Canning Bridge precinct.
market has always been good for well-
Pipeline priced quality product.” projects of 2018, having already secured to achieve a Five-Star Green Star Rating from
International groups Far East Consortium Blackburne ranked as the second top more than $40 million in presales. the Green Building Council of Australia.
and Fragrance Group, and local developers developer for sales in the year to March “There’s sentiment that the market has Cirque will be the first of several major
including Finbar, Blackburne and Edge 2018, according to Urbis. bottomed,” Mr Wilson said. high-rise apartment developments planned
Visionary Living are among the major play- While traditionally focusing on medi- “I believe the owner-occupier market for the area to reach completion in 2019.
ers with a number of projects under way (see um-sized developments, Mr Blackburne will continue to expand. “The quality of design that’s now coming
map page 28 and list page 30). said imminent plans included taking on “And investors will start getting back out of this city is world class, as is the infra-
Edge Visionary Living managing direc- more projects of a larger scale in the 150 to into the market.” structure being developed by the state
tor Gavin Hawkins said that, despite the 200-apartment range. Stirling Capital managing director government,” Mr Reinecke said.
market being reasonably difficult in the Norup + Wilson director Dave Wilson is Luke Reinecke is also of the view that the “We recognise we’re by no means a boom-
past few years, the team had developed a also bullish on the Perth market. market is set to improve and, like most ing market, but there are a lot of reasons to
significant pipeline of work. The group currently has three projects developers, the company has taken the be optimistic that Perth is set for growth.
The group currently has two projects either under way or in presales, valued at opportunity to increase its pipeline of “And there are a large number of projects
under construction, and another two planned $390 million. projects. that have either failed to get off the ground
for construction starts later this year. “We had a choice of focusing on the east “There are always cycles within cycles, or have been shelved by developers that have
“We believed in the emerging market coast or New Zealand,” he said. and as long as we can get location and the ability to come back on the market.”
of baby boomers so the cycle hasn’t really “Based on market trends and cycles, we offering right we’re of the view that we These include Golden Group’s plans for
worried us,” he said. chose Perth. will continue to sell,” Mr Reinecke said. 4,500 residential apartments across mul-
“We saw (downsizers) as a bigger trend “By the time 2020 comes along we’ll have “We have a big focus on future proofing tiple apartments at a 38-hectare site at
than a property cycle. a couple of hundred apartments under projects through things like sustainability.” Belmont Race Course, which it shelved in
“The market has been relatively imma- development.” Stirling Capital’s $110 million Cirque devel- 2015 but has recently relaunched, announc-
ture in apartment living and we saw a The group’s Beach Shack project in opment, within the Canning Bridge precinct, ing plans to start initial infrastructure
trend of people wanting a different type Scarborough is one of the fastest selling was the first apartment development in WA work this year.
FEATURE APARTMENT DEVELOPERS
Development
visions align
LIFESTYLE: Iris Residential’s Amara City Gardens launched presales last month and is expected to be complete in 2020. Image: Cameron Chisholm Nicol
High-density residential developments are emerging alongside some of the state’s shopping
centres, as owners seek to reposition their assets to offer more than just retail.
$
750m
Katie McDonald The site is also located close to public “There are lots of other developers, who
katie.mcdonald@businessnews.com.au transport, health and medical facilities, have nothing to do with us, who’ve done
with the Fiona Stanley Hospital and their own developments just off the back
A NEW wave of offerings has started to Applecross Senior High School nearby. of what we’re looking to do to update our
take shape at some of Western Australia’s Iris Residential managing director GARDEN CITY BOORAGOON facilities,” he said.
major shopping centres, backed by a pipe-
line of redevelopments worth more than
Simon Trevisan said about 20 per cent of
Amara had been sold, representing more
MAKEOVER Scentre Group’s $350 million redevelop-
ment of Westfield Carousel has similarly
$4 billion. than $15 million worth of sales. offers and it will trade into the evening, attracted interest from apartment devel-
Bowling alleys, new cinema screens The group is also looking to incorpo- so having walkable catchments, people opers, independent of the centre’s owners.
and dining precincts open past 5pm are rate a retail component at a lot it secured living there, it creates a real town centre. Sunlong Constructions was one of the
just some of the increased amenity centre earlier this year in partnership with “I think more developments in WA will first movers, completing a project on Lake
landlords have laid out in their plans to Primewest at LandCorp’s new infill devel- be going that way, as more people become Street in 2016, with at least seven more
create a lifestyle destination, rather than opment, Montario Quarter. happy to live in the apartment-style sites in and around the Carousel shopping
just a shopping experience. Iris Residential has plans for an accommodation.” centre likely to accommodate apartments.
And apartment developers have taken eight-storey mixed-use development, Mr Nugent said AMP Capital was The City of Canning recently settled the
note. including 140 apartments and a super- already in talks with a well-known local sale of a one-hectare site on the corner of
Last month, Iris Residential (formerly market on the ground floor as well as developer regarding an apartment project Cecil Avenue, opposite the Cannington
TRG Properties) launched presales for commercial tenancies. at its Karrinyup Shopping Centre, where train station, to Georgiou Developments
its $100 million Amara City Gardens “In Perth there has historically been a it is planning to invest $700 million into for $6.6 million.
project, a 124-apartment 15-level tower preference for single (storey) residential,” expansion work and upgrades. Plans are yet to be finalised, but it’s
that sits on Davy Street adjacent to AMP Mr Trevisan said. He said the state government’s upcom- anticipated the development will include
Capital’s Garden City Booragoon shop- “But we firmly believe when apartments ing agenda featuring strata reform and apartments as well as commercial space.
ping centre, which is in line for a $750 are focused on liveability and in the right the introduction of community titles Residential development surrounding
million upgrade. locations, for a large part of the com- would also make apartment development Vicinity Centre’s Morley Galleria could
Iris Residential chief operating officer munity it’s a preferred choice because it adjoining, and on top of, shopping centres also soon materialise.
Tanya Trevisan said the objectives of both offers amenity and connectivity.” even more attractive. The group announced earlier this
parties easily aligned – landlords wanted AMP Capital WA divisional develop- Community title schemes don’t yet exist month that it would sell up to $1 billion
people to frequent the centres, and buyers ment director Scott Nugent said while in WA, but will be introduced in 2018 as a of its sub-regional and neighbourhood
were seeking more amenity. apartment development at shopping cen- new option for the subdivision of freehold shopping centres across Australia, and
“Owner-occupiers want locations tres was a relatively new thing for WA, it land into multiple schemes (apartment, executive general manager Carolyn Viney
well-connected to amenity and that comes was a concept already established else- retail, commercial), ultimately provid- said sales proceeds would be reinvested
down to the lifestyle level we’re chasing, where in Australia and internationally. ing a clearer framework for mixed-use into development opportunities like
like walking distance to your favourite “There are a handful of things that developments. Galleria.
cafe,” Ms Trevisan told Business News. advantage the shopping centre owner and Mr Nugent said other regulatory moves, She said the development of commercial
“This is strategic for both AMP Capital the first of those is it creates a sense of such as the rezoning around the Garden offices, hotels and residential buildings
and us – the connectivity between the vibrancy,” Mr Nugent told Business News. City centre, were already taking effect, at some of its assets were among the rein-
centre (and Amara) and the new food and “(Post redevelopment) we’re going to prompting other developers to invest in vestment options Vicinity was starting to
beverage offering is critical.” have more restaurants and entertainment the area. explore.
APARTMENT DEVELOPERSFEATURE
EDUCATOR: Samantha Reece says more discussions are needed about what density is and what quality development should look like.
Don’t knock it till you try it
Katie McDonald exchange – like less travel to work, less will be held this year, in Claremont and
katie.mcdonald@businessnews.com.au maintenance. Cockburn, and Ms Reece said Housing
Councils are not “Our surveys show us that 60 per cent Minister Peter Tinley had approached her
COMMUNITY concern over mid- to of people are not sure they could live in for apartment trial opportunities.
high-density developments remains an
talking enough about an apartment; that’s a big portion of the In the new financial year, WAAA will
ongoing challenge facing the state’s apart- market that could be living in an apart- launch a developer accreditation program
ment developers. the (density) standards ment if they just had the chance to give designed to assess the quality of developers
But that’s something Samantha Reece it a go.” and builders based on their track record,
is hoping to change with a suite of initi- they want to see Last November, Ms Reece held WAAA’s with criteria including project delivery,
atives aimed at better educating people first pop-up apartment installation in industry awards and legal history.
about apartment living. - Samantha Reece Forrest Chase out of a 20-tonne sea con- “The property market is picking up
Ms Reece, the managing director tainer, which she said had engaged about and once there’s that appetite all kinds of
of market analyst firm Property ESP, “At the end of the day we’re going to 600 people during its four-day stint. developers will be coming out of the wood-
founded Western Australian Apartments have to accommodate the growing pop- The pop-up coincided with the launch of work,” she said.
Advocacy (WAAA) in 2016. ulation of Perth,” Ms Reece told Business a competition for 12 groups to each trial a “This is why we need this education
She has since hosted a range of events, News. month of apartment living at Blackburne’s process.
collated apartment information resources, “People see apartments as an inferior newly completed Oracle tower on Stirling “Councils are not talking enough about
and undertaken surveys related to apart- choice, but it’s not; for some it’s what they Street in the CBD. the (density) standards they want to see,
ment living and specific development want and we’ve been bred on the philoso- Ms Reece said the five groups so far had just either yay or nay.”
projects, with her latest efforts including a phy that having a block with a house is the responded positively, with the experience Ms Reece said all stakeholders should
pop-up apartment installation, apartment best type of capital return. dispelling some of their perceptions about be talking more about what density was
trials and a new developer accreditation “But it’s not all about the monetary noise, storage and space. and what quality development should look
program. exchange, it’s also about the lifestyle More pop-up apartment installations like.
FEATURE APARTMENT DEVELOPERS
Finance squeeze shifts focus
OPTIONS: Dave Wilson says a tough credit market prompted him to look beyond traditional financing. Photo: Attila Csaszar
Developers are exploring alternative funding methods due to a tough
property market and tight lending conditions.
Katie McDonald Traditionally, developers have secured
katie.mcdonald@businessnews.com.au loans after achieving a certain percentage It (the shift) means that there are
of presales. However, stricter financing
THE Western Australian property requirements and funding availability has
now new players in the marketplace
market has undergone a paradigm shift put the pressure on developers in recent
in how property projects are funded, years, with banks often seeking presales
according to director of apartment of about 80 per cent before lending for offering a range of benefits - Dave Wilson
development business Norup + Wilson, construction.
Dave Wilson. Beyond the private investor realm, a backing of Dale Alcock and the ABN “This unique financing model also means
And he says that has probably been a superannuation fund has also taken an Group enabled it to begin the construc- we can offer deposits as low as $10,000 on
good thing. in interest in Perth. tion of projects without having the need our projects, simply because we don’t rely
“In the past, the banks have had the Last month, Sydney-based First State for presales. on the traditional banking model.”
lion’s share of the market,” Mr Wilson told Super made its initial major property This, Mr Auret said, provided more Mr Auret said the team had also created
Business News. investment in WA, signing a $190 million security for its target market of own- a buyer’s guide with a glossary of terms
“It (the shift) means that there are now funding agreement with Sirona Capital for er-occupiers, with the need for sufficient for things like strata schemes and unit
new players in the marketplace offering its $220 million Kings Square Fremantle presales often resulting in project start entitlements, with education a key part
a range of benefits. redevelopment, which largely comprises delays and uncertain completion dates. of its selling process.
“Whether the cause is due to the reg- commercial office and retail space. “For many purchasers the completion Parcel Property completed its first
ulatory changes made by the Australian Parcel Property, which specialises in date is ‘When do I sell my home?’ so cer- apartment project, Fringe, in Mount
Prudential Regulation Authority, or the boutique apartment projects, has also tainty it’s a big issue, particularly when Lawley last year, comprising 48 dwellings.
banks’ own policies, the effect is the gone beyond the presale model, indicating dealing with downsizer clientele,” Mr It has two other projects currently under
same – private funders and overseas that it’s not just the big players approach- Auret told Business News. construction – the 23-apartment Edition
investment firms have quickly gained a ing funding differently. “I think the presales model is very dif- Como development, and Carrington57 in
significant market share.” Part of Dale Alcock’s ABN Group, which ficult for Perth consumers because many Palmyra, a 24-apartment project.
As a result of these funding changes, has traditionally operated in the house don’t have a relationship with apart- “We’ve taken a measured approach to
Mr Wilson said, private equity firms had and land market, Parcel Property was ments; we’re dealing with a customer that growth in the apartment market,” Mr
funded two of his projects – The Crest in formally launched two years ago. hasn’t had that living experience. Auret said.
Burswood ($55 million funded), which Executive general manager Andrew “In our projects we’ll rush forward a “Perth will mature with infill develop-
comprises 168 apartments across 22 sto- Auret said it leveraged the balance sheet display suite or demonstrate key ele- ment and if ABN still wants to build homes
reys, and the 192-apartment project The of the ABN Group and operated under ments like kitchens because we’ve found it will need lots of different offerings, so
Precinct, Mount Pleasant on Canning an owner-developer model – buying, there’s a definite benefit with being able housing choice is part of why the Parcel
Highway ($105 million funded). managing, retailing and developing to touch and feel. apartment business exists.
“Despite the shift in the marketplace, product – with partner builder PACT “Low deposits are another part of our “Yes the property market has been dis-
we are continuing to work with the banks Construction. offering; if you’re a downsizer and you’ve tressed, but thanks to those restrictive
as a source of funding with the intention He said the fundamental advantage got all the equity in your home, trying to lending requirements there has been an
to maintain a diversified source of fund- Parcel Property enjoyed over most find a 10 per cent deposit of a $600,000 undersupply in some of those key (subur-
ing for our developments,” he said. other developers was that the financial apartment is a lot of cash. ban) locations.”
APARTMENT DEVELOPERSFEATURE
SEARCHENGINE PROPERTY – (BUILT-FORM) DEVELOPERS
...your key to WA business GET THE FULL LIST ONLINE businessnews.com.au/List/property_developers
Total com-
Offices bined value
Year Total a) WA of current
est. in staff in b) inter- WA projects
Rank
Company name Senior executive and title WA WA state ($m) Projects under construction in WA
Mr Dan Sweet Ritz Carlton Hotel and The Towers at Elizabeth Quay, 379 residential apartments spread across two towers,
1 Far East Consortium Manager, WA
2013 700 $400 million construction cost, $700 million end value.
Mr Darren Pateman Vue Tower – 248 apartments, 4 commercial suites, expected year of completion FY2019; Palmyra
2 Finbar Group Managing Director
1996 18 a) 2 564 Apartment Estate East- 128 apartments, expected year of completion FY2019; Reva- 42 apartments, 18
commercial suites, expected year of completion FY2019
Mr Dean Burrowes a) 1
3 MGroup Director - M/Group
2001 50 b) 3 450 Form ($52M), M25 ($25M), M28 ($22M)
Mr Gavin Hawkins Vantage RiversEdge Apartments, 217 apartments ($130m), Eden, 162 apartments ($160m), Lumiere, 112
4 Edge Visionary Living Managing Director
a) 1 450 apartments ($165m), Botanical, 74 apartments ($70m)
Mr Matthew McNeilly
5 Sirona Capital Managing Director
2009 12 a) 1 410 Kings Square Fremantle ($270m commercial office and retail)
Mr Simon Trevisan City Gardens Booragoon, multi-staged $500 million end value (first stage Amara City Gardens $100 million
6 Iris Residential Managing Director
2001 15 a) 1 410 end value); The Terraces at Claremont on the Park, multi-staged $120 million end value; Lot 37 Montario
Quarter, Shenton park $140 million end value; One Mabel Park, Pollen Grove, Jolimont, $50 million end value
Mr Paul Blackburne a) 1 ENCLAVE, East Perth - 69 apartments; AZURE, Rockingham - 51 apartments, 2 commercial; ESSENCE,
7 Blackburne Founder and Managing Director
2003 60 b) 2 379 Claremont - 143 apartments, 6 commercial; MARINA EAST, Ascot Waters - 91 apartments, 2 commercial
Mr Victor Goh Capital Square - $350 million, three tower office, apartments and hotel project anchored by Woodside
8 AAIG Director
2010 350 Petroleum. Office component expected to be completed by early 2018.
Verdant apartments (136 1- and 2-bdrm apartments over 19 levels, $80m development, expected completion end 2018), Barque Marina Village
Mr Luke Reinecke (52 1- and 2-bdrm apartments over 5 levels, $28m, expected completion mid 2018), Cirque Apartments (109 1-, 2- and 3-bdrm apartments over
9 Stirling Capital Managing Director
2005 15 a) 1 338 20 levels, $112m, expected completion end 2018, 89 Stirling Street (571 bed purpose built student accommodation over 23 levels, $80m, expected
completion end 2018. 26 on Charles (35 1-, 2-, 3bdrm apartments and 2,000 sqm of commercial office over 8 levels, $38m, completion late 2019)
Mr John Norup Crest Apartments - Burswood (End Sale Value of $103 Mil) - Estimated Completion 2019, Precinct
10 Norup + Wilson Director
2014 6 a) 1 296 Apartments - Mount Pleasant (End Sale Value of $193 Mil) - Estimated Completion 2020
Georgiou Mr Jon Smeulders
11 Executive Developments
NFP a) 1 NFP Canning City Centre, Troode Street West Perth
Developments
Mr Adrian Lim
12 Fragrance Group Director
2014 200 NV Apartments + Hotel Tower, 401 apartments ($200m)
Gary Dempsey Mr Gary Dempsey
13 Managing Director
1987 5 a) 1 100 Siskas at Taskers Living, 55 units
Developments
Ms Paige Walker
a) 1
14 Mirvac General Manager Residential 2001 70 b) 3 NFP Claremont on the Park
Development WA
Mr Barry Baltinas Velo project, 89 Aberdeen Street Northbridge ($32m) 61 1- and 2-bedroom units & ground-level small
15 Baltinas Architect & Developer
NFP a) 1 86 bar and café; Camilla Residences, 37 Mount Street West Perth ($28M) 21 Apartments-2 penthouses, Halo
project, 35 Mount Street West Perth, 21 units, 2 penthouses & café
Mr Danny Psaros
16 Psaros Chief Executive Officer
1983 40 a) 1 55 Sundance by Psaros: 100 units, ($37.7m); Eastbank by Psaros: 70 units ($22.3m)
Frasers Property Mr Stuart Gardiner a) 1
17 General Manager, Residential, WA
1926 31 b) 3 NFP East Green
Australia
Mr Mark Sun
18 Sunlong Constructions Director
2013 15 a) 1 26
Mr Simon Munckton a) 1 Horizon Apartments, Scarborough, 39 Apartments, 4 ground floor commercial units, 14 short stay Units
19 GM Property Director
2011 6 b) 2 25 Completion due 2H CY2018
20
RANKE BY TOTAL COMBINED VALUE OF CURRENT WA PROJECTS ($)
70
All information compiled using surveys, publicly available data and contact with industry sources. Other companies may be eligible for inclusion. If you believe your company is eligible, please email
claire.byl@businessnews.com.au. WND: Would Not Disclose, NFP: Not For Publication, N/A: Not Applicable or Not Available.
The above list (and more than 80 other lists) inclusive of address, phone and email information are available online to all business subscribers at www.businessnews.com.au. If you are not a fully paid up
subscriber of Business News and want access to over 6,700 businesses and 24,000 executives, please contact us on 9288 2100 or email subscriptions@businessnews.com.au.
FEATURE APARTMENT DEVELOPERS
KEY APARTMENT PROJECTS
[1.] NV Apartments + Hotel Tower
374-396 Murray Street
Fragrance Group
401 apartments across 33 storeys
$200 million (inclusive of a 488-room
hotel across 28 levels)
Probuild
COMPLETION LATE 2019
[20.] The Beach Shack
[2.] Ritz Carlton and The Towers
Elizabeth Quay
Far East Consortium
379 apartments across two towers
$500 million (inclusive of a 205-room
hotel across 28 levels)
Probuild SCARBOROUGH
COMPLETION MID 2019 [28.] Iconic Scarborough
[3.] Vue Tower
63 Adelaide Terrace
Finbar Group [23.] Botanical
247 apartments across 34 storeys
$147 million
Hanssen
COMPLETION MID 2019
[4.] Claremont by Mirvac
Claremont on the Park, corner of
Graylands Rd and Shenton Rd
Mirvac
233 apartments across two 6-storey
complexes - ‘Reserve’ and ‘Grandstand’
Project value undisclosed
Broad Construction [11.] Eden
COMPLETION LATE 2018
[5.] Vantage RiversEdge
Apartments [4.] Claremont by Mirvac
62 Riversdale Rd, Rivervale
Edge Visionary Living [12.] Essence
217 apartments across 17 levels CLAREMONT
$130 million
BGC
COMPLETION JULY 2019
[6.] Arthouse [7.] The Precinct, Mount Pleasant
113 Grand Boulevard, Joondalup
Edge Visionary Living
194 Apartments across 17 storeys
$90 million
Builder tenders just in, TBC
START - SEPT 2018, COMPLETION MARCH 2020 APPLEC
[7.] The Precinct, Mount Pleasant
893 Canning Highway, Applecross
Norup + Wilson
192 apartments spread across 22 storeys
$190 million
BGC
COMPLETION EARLY 2020
[8.] Sabina [19.] Compass
900 Canning Highway, Applecross
Finbar Group FREMANTLE
173 apartments across 30 storeys
$126 million (part of a three-stage $350
million Canning Bridge project) [11.] Eden [13.] Verdant [15.] Palmyra Apartments
Hanssen 1Finishline View Floreat, Perry Lakes 78 Stirling Street Estate East
COMPLETION EARLY 2020
Edge Visionary Living Stirling Capital 43 McGregor Road, Palmyra
162 apartments across two buildings; 136 apartments across Finbar Group
[9.] The Crest, Burswood West Eden five storeys (98 apartments),
120 Goodwood Parade, Burswood 21 storeys 128 apartments across
East Eden four storeys (64 apartments) $80 million 10 storeys
Norup + Wilson
$160 million (inclusive of a dozen $50 million
168 apartments across 22 storeys BGC
$100million townhouses) COMPLETION EARLY 2019 Hanssen
Builder going to tender July 2018 COMPLETION MID 2019
BGC
COMPLETION EARLY 2019 COMPLETION MARCH 2020
[14.] Circa
[16.] Amara City Gardens
[12.] Essence 5 Rowe Avenue, Rivervale
[10.] Liv Apartments 179 Davy Street, Booragoon
Claremont on the Park Finbar Group Iris Residential
51 Queen Victoria Street, Fremantle
Defence Housing Australia Blackburne 132 apartments across 124 apartments across
166 apartments across 7 storeys 143 apartments across 6 storeys 10 storeys 15 storeys
$61 million $100 million $47 million $100 million
Georgiou Group BGC Hanssen Pre sales launched, builder TBC
COMPLETION AUGUST 2018 COMPLETION JULY 2019 EXPECTED COMPLETION TBC EXPECTED COMPLETION 2020
28 businessnews.com.au | June 18, 2018
APARTMENT DEVELOPERS FEATURE
2018
LEGEND [23.] Botanical
74 Price Street, Jolimont
[1.] Name
(ranked by number of apartments) Location
Edge Visionary Living
Developer 74 apartments across 7 storeys
Number of apartments $70 million
Project value Jaxon
Builder COMPLETION OCTOBER 2018
EXPECTED COMPLETION
[24.] East Bank
34 East Parade, East Perth
Psaros
70 apartments across 7 storeys
Project value undisclosed
LATE 2018
[25.] Enclave
15/37 Bronte Street East Perth
Blackburne
69 apartments across 12 storeys
[1.] NV Apartments + Hotel Tower $40 million
Jaxon
COMPLETION SEPTEMBER 2018
[2.] Ritz Carlton and The Towers
[26.] Barque
Orsino Boulevard, Port Coogee
[21.] Marina East Stirling Capital
52 apartments across 6 storeys
PERTH AIRPORT $26 million
Pindan
PERTH EXPECTED COMPLETION LATE 2018
[9.] The Crest, Burswood
MAJOR UPCOMING PROJECTS
(At planning or approvals phase)
[27.] Belmont Park precinct
Belmont Park Racecourse,
Burswood Peninsula
Golden Group
4,500 residential apartments across
multiple towers at the 38 hectare site
$3.8 billion (inclusive of commercial
office and retail space)
Stage 1 infrastructure contract out to
[18.] Cirque [3.] Vue Apartments tender
CONSTRUCTION WORK FOR STAGE 1
ANTICIPATED TO START BY MID-2018
[28.] Iconic Scarborough
Corner of West Coast Highway and
C
CROSS Scarborough Beach road
3 Oceans Property
324 apartments across two towers;
43 and 37 storeys
$450 million (inclusive of hotel rooms,
commercial, retail and conference space)
Builder pending MRA Approval
PROJECT COMPLETION PENDING MRA
APPROVAL
[29.] EQ West
Elizabeth Quay
Source map: Google CA & Associates (a joint-venture
between Victor Goh and Adrian Fini)
300 residential apartments and 179
serviced short-stay apartments across
[17.] Lumiere [19.] Compass, Latitude [21.] Marina East two towers; 51 storeys and 19 storeys
74 Mill Point Road, South Perth Leighton Beach Ascot Waters $385 million (inclusive of a 200-room hotel
Edge Visionary Living 29 Leighton Beach Boulevard, Blackburne and public art museum and viewing deck)
112 apartments across 28 storeys North Fremantle 91 apartments across 3 buildings; Builder TBC
Mirvac CONSTRUCTION EXPECTED TO START LATE
$165 million 4, 6 and 7 storeys 2018
Builder to be confirmed 108 apartments across 5 storeys
Project value undisclosed Project value undisclosed
START DATE OF MARCH 2019, [30.] Brookfield Twin Tower
COMPLETION MARCH 2021 Builder yet to be appointed Builder out to tender
PRESALES LAUNCHED, START DATE TBC COMPLETION LATE 2019 Elizabeth Quay
Brookfield Property Partners
[18.] Cirque 220 apartments across
18 Ogilvie Road, Mount Pleasant
[20.] The Beach Shack [22.] 9 Tully 53-storey tower
171 West Coast Highway, Scarborough 9 Tully Road, East Perth $1.1 billion (inclusive of office and retail
Stirling Capital
Norup + Wilson LKD Development Group space as well as a five-star hotel, plus a
111 apartments across 20 storeys 99 apartments across two
(Stage 1) 79 apartments across 9 storeys second 19-storey tower with office and
10-storey towers retail space)
$110 million (Stage 1 value) $100 million $40 million
Multiplex
Jaxon Building tender out late 2018 Jaxon CONSTRUCTION ANTICIPATED TO START
COMPLETION EARLY 2019 COMPLETION MID 2020 COMPLETION LATE 2019 2019, COMPLETION 2022-2023
June 18, 2018 | businessnews.com.au 29
Apartment Developers
SPECIAL REPORT
High-rise news
Apartment-focused articles published by Business News
Peet confirmed for Swan Valley project Blackburne receives top property accolade
23 May 2018 10 May 2018
Schneider Electric positive on WA Construction tenders May 18 2018
23 May 2018 18 May 2018
Resources tech ripe for startups Art adds value to planners
23 May 2018 09 May 2018
Apartment sector performs in Q4 Yolk expands project portfolio
27 Feb 2018 09 May 2018
MRA approves new Scarborough apartments BGC among WA’s largest private businesses
19 Feb 2018 24 May 2018
Finbar launches Applecross apartments Cannington opportunity builds
06 Feb 2018 10 Apr 2018
Liv Apartments recognised for sustainability
16 Jan 2018
businessnews.com.auYou can also read
