10/03/2015 - 10:15

73 South Perth apartments sold in one weekend

10/03/2015 - 10:15

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73 South Perth apartments sold in one weekend
An artist's impression of Finbar's Aurelia.

Buyers have rushed to grab a slice of one of South Perth’s planned residential towers, with more than 60 per cent of the apartments on offer at Finbar Group’s Aurelia selling in the first weekend of sales.

The apartment developer said 73 of the 118 apartments sold over the weekend, collectively valued at $65.7 million, taking its total pre-sales across all projects to around $500 million.

The 21-storey project is to be located on the corner of Harper Terrace and Mill Point Road, and is one of a burgeoning list of apartment projects in the South Perth Station Precinct.

Finbar’s $300 million, 295-apartment Civic Heart project is proposed to be located across the road, while a 39-level tower by Westbridge Property Group and a 29-storey building by Edge Visionary Living, also in close proximity, are to be assessed by the metropolitan central development assessment panel tomorrow.

As reported late last week by Business News, both of Westbridge’s and Edge Visionary Living’s projects have been recommended for approval by the City of South Perth.

Building works also commenced earlier this year on Chinese developer Zone Q Investments’ $100 million Pinnacle project near Perth Zoo.

Finbar today said it expected construction to begin at Aurelia in June.

Managing director Darren Pateman said the sales results showed even with the slowdown in resources-related activity in Western Australia, apartment projects would likely still experience strong demand.

“We strongly believe that the fundamentals of apartment development in Perth remain unchanged where increased demand for apartment living continues to meet new supply while gaining a larger share of the overall housing market,” Mr Pateman said.

“Our weekend’s results demonstrate that if you have a strong reputation for delivering the right product in the right location at a price point that represents good value for money, it will be well supported by demand for that product.”

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