- Development located in Applecross
- Project worth $89 million
- 50% already sold
Mustera Property Group (ASX: MPX) has announced that its Applecross development will be constructed by a local company.
The company recently announced that the $89 million project had appointed PACT Construction to deliver the project.
“The appointment of PACT follows an extensive tender process,” said Mustera executive director Nick Zbrowski, the development has sold 50% of the apartments to date.
Mr Zbrowski is confident of project success with the development receiving a warm reception.
“Given that we commenced sales and marketing around 12 weeks ago, to have achieved some $32 million in sales is an outstanding result. The design and quality of Forbes Residences has clearly been reflected in the level of buyer interest and activity.”
Nick Zbrowski, Executive Director, Mustera
This follows in the trend of property being a highly desired asset in recent months, with housing approvals continuing to increase, and Perth home values up some 10%.
It is also a hot market that is pushing prices up some $100,000 in some cases, higher-end properties fetching even greater sums.
Even industrial property is seeing extreme highs, one Melburnian industrial zone recently saw vacancy rates as low as 0.27%.
The project isn’t completely WA born and bred, whilst the construction will be by PACT, the design was led by Singaporean firm WOHA, and “supported by Perth firm, MJA Studio”.
Construction is expected to commence in the third quarter of 2021 and will take approximately 20 months.
