Diploma Group has been given the green light to construct $130 million worth of new projects in the CBD, with the City of Perth approving apartment project plans at Pier Street and Adelaide Terrace.
At Pier Street, Diploma received approval for its $80 million Department of Housing joint venture, which will deliver 161 apartments and 550 square metres of commercial space.
And at Adelaide Terrace, Diploma got the go ahead for the $50 million 79-apartment iSpire apartment project, which will include a fully automated five-level car stacker system.
Diploma chief executive Nick Di Latte told the ASX today the developments would deliver high quality affordable housing for the CBD.
"Diploma has completed a number of residential buildings in the Perth CBD in recent years highlighting our ability to deliver apartments to suit any budget but we are particularly skilled at constructing quality apartments for an affordable price and this is what we will deliver to the Perth market at both locations," Mr Di Latte said.
'176 Adelaide Terrace also has heritage considerations which is an area of expertise for Diploma as we have recently delivered, or are in the process of delivering, a number of projects with heritage listed components.'
'We enjoy the challenge of preserving Perth's architectural history whilst achieving an innovative design outcome for the site,' Mr Di Latte continued.
Construction at Pier Street is due to begin in May, with the project scheduled to be completed by June 2013.
Work at 176 Adelaide Terrace will commence in April, with a scheduled completion date of June 2012.