AMP said the redevelopment would comprise a new mall with 48 specialty stores, a Target department store and a dining precinct.
The Ocean Keys redevelopment was originally estimated to cost around $75 million.
“We are excited to be able to start our development pipeline in Perth at Ocean Keys as we begin to develop plans for the redevelopment of Garden City Booragoon,’ Mr Nugent said.
“Together, Garden City Booragoon and Ocean Keys will provide a significant boost to the Perth economy.”
The Ocean Keys centre will be redeveloped in two stages, with the final stage to be complete by Christmas 2014.