The deal is the first-ever cashless transaction between the town and a developer.
Megara director Matthew Pickford said the company expected to sell all 11 of the remaining lots over the next few weeks, with the land sales providing the funds to facilitate construction of the apartments project.
Around 80 per cent of the Catamore Court estate has been sold since marketing started in October last year, Mr Pickford said.
The Town of Port Hedland will use the apartments for its own staff.
“The business model is particularly positive as it directly helps the town retain staff through providing housing for them, therefore benefiting the Port Hedland community as a whole,” Mr Pickford said.
“The project will also contribute to the normalisation of the local housing market, which is one of the town’s strategic goals,” Ms Howlett said in a statement.
The company was established in 2007, and is aiming to replicate its Pilbara success in the Perth market.
Its first projects will be medium-density housing in Belmont and Doubleview.