Diversified property developer Golden Group has launched its latest project - a $750 million, 500-hectare residential subdivision in Serpentine-Jarrahdale, where it ultimately plans to construct up to 3,750 lots.
The project will lift Golden Group into the state's top 10 land developers, coming in at nine, according to the Business News Book of Lists, bumping PRM Property Group to 10th position and pushing Heath Development Company to 11th.
The first release of lots will comprise 43 home sites, ranging from 300 square metres to 608sqm.
The Whitby land-holding is bordered by Norman Road, Robertson Road, Kiernan Street and the South West Highway, while around 20 per cent of the land area has been earmarked to remain natural bushland.
Ultimately, the Whitby project will provide homes for up to 15,000 residents, while it will also include new schools and a Tafe college, as well as an aquatic centre and an extensive retail and commercial town centre.
“We're offering a bigger project to the market, typically around 500sqm, but price-wise it will be significantly cheaper than other developments,” Mr Sugiaputra told Business News.
He said the Whitby project would suit a range of residents, from students to professionals, as well as families and empty nesters.
“We know that 'one size fits all' doesn't apply to Perth's property market,” Mr Sugiaputra said.
“Our Whitby residents will enjoy contemporary townsite living and importantly, play a pioneering role in transforming Whitby into a future economic heart of the region.”
The Whitby project is Golden Group's second master-planned development in Western Australia, following its 1,050-lot Vista project on Singleton Beach Road.
The developer recently completed a Coles supermarket to anchor the Vista town centre retail precinct.
Mr Sugiaputra said there was strong demand for product in the land development space.
“We're doing really well lately, our sales rate has been very consistent, probably averaging around 30 lots per month,” he said.
Golden Group is also advancing plans for a $3.5 billion development at Belmont Park, which could yield up to 4,500 apartments, as well as commercial, retail and hospitality precincts.
A development application for the first phase at Belmont Park – which will comprise around 1,500 apartments - is expected to be lodged before the end of the year.
The first stage will also include around 10,500sqm of retail space, a 150-200 room hotel and 15,000sqm of office space.
Golden Group is also conducting a substantial redevelopment of the May Holman Building at 32 St Georges Terrace, which it expects to be completed by April next year.