24/09/2021 - 15:26

Mustera starts building $90m Applecross apartments

24/09/2021 - 15:26

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Mustera Property Group has started building its $90 million Forbes project in Applecross, and has its sights on residential developments in North Fremantle and East Perth.

An artist's rendering of the Applecross apartments.

Mustera Property Group has started building its $90 million Forbes project in Applecross, and has its sights on residential developments in North Fremantle and East Perth.

The ASX-listed developer in June appointed PACT construction to build the 13-storey development, comprising 34 three-and-four-bedroom residential apartments and 23 short-stay accommodation apartments.

Singapore-based architecture firm WOHA designed the apartments, more than half of which have already sold – for an estimated total $32 million.

Mustera executive director Nick Zborowski described the apartment complex as a landmark project for the property group.

“This will be unlike anything else in Western Australia,” he said.

“As the very first WA project for WOHA, Forbes Residences has been designed to set new benchmarks for luxury, innovation and sustainability.”

The company also plans to build a $35 million 60-apartment complex on a 2,398 square metre site in East Perth’s Haig Park Circle.

In addition, it has applied to build a $55 million 70-apartment eight-storey development on McCabe Street in North Fremantle.

Mr Zbrowski said increased interest from overseas and eastern states buyers was adding competition to WA’s apartment market, making it an ideal time for developers.

“We’re seeing the luxury apartment owner-occupier market more active – and this is a buyer demographic that focuses very much on access to amenity and infrastructure, reasonable proximity to the CBD and views of the Swan River or ocean,” he said.

“Identifying these locations and understanding the buyer expectations at this level of the market is key to delivering the right product in the right place.”

The East Perth and North Fremantle projects are subject to planning approval.

Forbes is expected to be built by mid-2023. 

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