Diploma Group Ltd subsidiary Diploma Properties has entered into a joint venture to develop an $80 million, 24-level apartment tower on Murray Street, known as Criterion Towers.
Diploma Group Ltd subsidiary Diploma Properties has entered into a joint venture to develop an $80 million, 24-level apartment tower on Murray Street, known as Criterion Towers.
Diploma Group Ltd subsidiary Diploma Properties has entered into a joint venture to develop an $80 million, 24-level apartment tower on Murray Street, known as Criterion Towers.
Diploma Construction has also secured the construction contract for the project at 101 Murray St for a contract price of $43 million, while Diploma Properties will project manage the development on behalf of the joint venture.
Criterion Towers will comprise 112 apartments staged over three-tiers, situated to the rear of the heritage-listed Criterion Hotel.
Diploma Group managing director Nick Di Latte said it was very pleased to have secured the joint venture.
The project will be undertaken on a 50/50 basis with current land owners Robert Tan and Kok Kwong Han.
"A development of this nature certainly complements our portfolio of residential developments currently being undertaken in the Perth CBD by the group. It is an excellent site, in very close proximity to the Murray Street Mall and heart of the CBD shopping precinct," he said in a statement.
Construction has commenced on site for the forward works contract with construction of the main tower scheduled to begin in February 2008 with a view to completion by February 2010.
A stand-out feature of the project is its automated car parking system, designed in Japan, which will hoists cars up to a height of 12-storeys before slotting them into vertical parking racks.
The development is close to the Cinema City site, which will undergo its own transformation into a 26-storey apartment tower called Equus by late 2010.
Diploma's contract was not included in the director's forecast in its prospectus for FY08.