Apartment Developers SPECIAL REPORT - Business News

Page created by Shirley Barrett
 
CONTINUE READING
Apartment Developers SPECIAL REPORT - Business News
Apartment Developers
             SPECIAL REPORT
Apartment Developers SPECIAL REPORT - Business News
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.”
Apartment Developers SPECIAL REPORT - Business News
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.
Apartment Developers SPECIAL REPORT - Business News
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 Developers SPECIAL REPORT - Business News
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.
Apartment Developers SPECIAL REPORT - Business News
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 Developers SPECIAL REPORT - Business News
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.
Apartment Developers SPECIAL REPORT - Business News
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 SPECIAL REPORT - Business News
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 - Business News
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.au
You can also read