IN general terms a ‘developer’ is considered to be an investor in property, whether it be a construction company that also undertakes its own development projects, or a property assets trust developing a recent acquisition.
Aggressive marketing tactics, huge amounts of assets and the know-how to deliver a product on time and on budget are the keys to success in the development game.
WA-based Multiplex Constructions has earned a prime place in the commercial and residential development world.
The construction and development giant topped the WA Business News Book of Lists 2003 list of private companies with an annual turnover of more than $1 billion and WA staff of 800, and has been listed as Australia’s largest residential builder.
Since it started in 1962, Multiplex has completed an estimated $16 billion worth of construct-ion.
This multinational company has built more than 90 per cent of Perth’s office towers, including Central Park, BankWest Tower and Allendale Square, Exchange Plaza, London House, Westralia Square and St Georges Square.
Most recent high-profile projects are the Perth Convention Centre and the Australian Mari-time Museum.
The nearest serious challenger to Multiplex’s near market domination of the Perth development industry is Mirvac Fini.
The result of the 2001 merger between Perth property developer Fini Group and Sydney property heavyweight Mirvac, WA subsidiary Mirvac Fini has successfully managed to add the $700 million Burswood Lakes residential project to its ‘to-do list’.
Making good use of its increased asset base, Mirvac Fini is responsible for the $60 million Bunker Bay resort development, the $400 million Mandurah Land Estates and the $89 million Panorama Apartments joint venture.
Cape Bouvard, Hawaiian Management and The Wyllie Group are other prominent names in the development industry.
Operating without a construction arm, these companies put up the cash to get some of Perth’s biggest developments under way.
With a past development history in residential and retail development, The Wyllie Group jumped up a rung or two in development scale when it joined Multiplex and the State Government in the development of one of Perth’s biggest developments, the Perth Convention and Exhibition Centre. The Wyllie Group will take ownership of the property on a 35-year lease from mid 2004.
As well as property investment and asset management, Hawaiian Management, along with joint venture partners, has undertaken several significant residential developments, including St James Estate and Majestic Quays.
An active player on the Perth CBD office development market, Hawaiian’s $10 million refurbishment of 182 St Georges Terrace is expected to be completed in May.
Hawaiian, partnered by Mirvac Fini and others, also has plans for commercial office sites on Murray and Milligan streets.
Other proposed Hawaiian developments waiting in the wings are the office tower development Project Future 239 and the refurbishment of Claremont Shopping Centre.
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