The first six lots at East Perth Redevelopment Authority's Riverside urban renewal project have been sold for $20.2 million.
The development on the former Metrobus Depot site within the Queens Precinct, will see 350 apartments and townhouses, as well as a 120 room hotel built in the next two to three years.
Planning and Infrastructure Minister Alannah MacTiernan said the two-stage expression of interest process was designed to achieve the best result for the eastern entrance to the Perth CBD.
"After a comprehensive assessment process, Lots 101 and 104 Moreau Parade and Lots 105 and 106 Adelaide Terrace are under contract to Frasers Property Group, with Lots 102 and 103 Hay Street under contract to TRG Properties," said Ms MacTiernan.
Frasers property group has been developing high end residential developments in Australia since 1994.
"It was a very competitive process and all of the short-listed submissions were of a very high standard," Ms MacTiernan said.
Lots 102 and 103, Hay Street, front Queen's Gardens and are zoned for residential development and local company TRG will develop the sites into townhouses and terraced apartments of up to three storeys.
Up to 1,500 people will eventually live and work at the Queens Precinct, which will be a similar sized community as the entire suburbs of Churchlands or Crawley.
Ms MacTiernan said land at Riverside would be sold in stages over the next 10 years.
