Frasers Property Australia chief executive Anthony Boyd says Western Australia will continue to play a key role in its residential operations in 2021.
At the close of FY20, Frasers Property Australia reported $659.1 million in revenue and $39.2 million in profit before interest and tax.
The group has interests spanning the residential, commercial, retail and industrial space across Australia.
Mr Boyd said the business’s residential division in WA experienced a positive turnaround after COVID-19 hit, launching the new East Green estate in Greenwood earlier this year.
The 3.86-hectare site will comprise up to 100 homes upon completion, with more than 25 per cent of the East Green estate reserved for parkland and open space.
“In March and April when COVID was much more than an unknown, both sales and enquiries dropped away,” Mr Boyd told Business News.
“But then in June in particular, when they announced HomeBuilder and the state government responded with their own incentive, we saw a significant increase in both enquiries and sales.
“WA has got a lot of land - it was in the sweet spot for people.
“And because the market had been fairly subdued there for some time as well this was a catalyst to bring people back into the market.
“So I think where the products are positioned in the Perth market really suited that stimulus.”
In addition to East Green, the group has several other WA-based residential estates, including Port Coogee, Baldivis Grove, and Frasers Landing.
Additionally, Frasers separately listed entity owns a 50 per cent stake in the Central Park office building in the CBD.
“When you look at the WA story in terms of how it’s handled COVID, it’s right up there with the best in the world,” Mr Boyd said.
“We’re in a really positive position … given the various challenges of the year, we’re looking forward to 2021 and Perth will be a big part of that story for us.”