Diploma Group plans to start construction of the $17.5 million Foundry Apartments in the Midland redevelopment area today.
The building will include 43 apartments which will be a mix of one, two and three bedrooms.
75 per cent of apartments have already been sold off-the-plan when they were released in July.
The apartments are expected to be completed by the middle of next year.
See company statement below:
Diploma Group today announced it will immediately commence construction of the $17.5m Foundry Apartments located at Lot 708 Foundry Lane in Woodbridge Lakes, Western Australia.
The building has been designed by CNN Architects and upon completion will include 43 apartments over 3 levels including a mix of one, two and three bedroom apartment configurations.
Foundry Apartments were released off-the-plan to the market in July 2010, priced from just $275,000 and 75% of the apartments have sold.
The building will be finished to a high level of specification featuring a choice of two interior colour schemes, European style appliances, stone bench tops, air-conditioning, quality floor coverings and contemporary chrome fixtures.
Foundry Apartments is positioned in the Midland redevelopment area within walking distance to the train station. The area is currently undergoing an extensive revitalisation process which is further adding to the appeal of the area for buyers.
Nick Di Latte, Diploma Chief Executive Officer, said the positive market response in the two months since the sales launch has been exceptionally positive and has driven Diploma's decision to commence work on site.
'The fact that we have been able to commence construction so quickly since securing the site is also a great result and a credit to our sales and property divisions' said Mr Di Latte.
Work is scheduled to commence on 6 October 2010 and is anticipated for completion in mid 2011.
