The Amber Apartments will comprise a five-storey building, designed by McDonald Jones Architects.
Construction is expected to begin this month, with the project scheduled to be complete midway through next year.
“It’s not surprising that many of the buyers are local residents who want to downsize, yet still enjoy all the lifestyle benefits of the area,” Mr Reinecke said.
The project is part of the wider Carine Rise redevelopment project, which covers 7.93 hectares.
Cedar Woods Properties recently completed a joint venture with LandCorp and St Ives Group at Carine Rise, providing 110 townhouses and apartments as well as a 120-bed retirement village.
Stirling Capital has also recently completed a $28 million, 44-apartment development at the Mindarie Marina, which was built by Pyramid Constructions.
First residents are expected to move in to The Marina on Bristol Lane, which took less than two years to build, later this month.
Mr Reinecke said the quality of the apartments had exceeded the developer’s expectations.
“Residents will soon enjoy outstanding views from their brand new apartments and all the lifestyle benefits of the established Mindarie Marina village on their doorstep,” he said.
“Our investors in this project will also benefit from strong financial returns.”