18/01/2012 - 10:14

Pre-sales boost for Frasers’ QIII

18/01/2012 - 10:14

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Pre-sales boost for Frasers’ QIII
ON TRACK: A 26-level apartment tower will be built alongside the Frasers Suites hotel, under construction in East Perth. Photo: Grant Currall

WITH construction of  its hotel due for completion this year and $93 million of apartments pre-sold in its QIII development, Singaporean property group Frasers is moving ahead with the next stage of its Queens Riverside project in East Perth.

The project will include 408 luxury apartments in three buildings, a 236-room all-suites hotel, plus retail and commercial space at the eastern end of Adelaide Terrace.

The construction of the new hotel is scheduled for completion in the middle of the year, providing the largest boost to Perth’s tight hotel supply in the past decade. The next stage of the project will be construction of the QIII apartment building, following the formal appointment this month of Diploma Construction.

Diploma has signed a $99.7 million contract for the 26-storey residential tower featuring 265 apartments.

Since the formal launch of the project in October last year, Frasers has sold 125 apartments, raising $93 million at an average price of $744,000. Top value to date is $3.54 million for a three-bedroom penthouse.

Frasers Property Australia’s chief executive Guy Pahor said QIII was attracting a wide range of buyers looking to secure a high-quality property off the plan.

“We are delighted to take another leap forward in the construction of Queens Riverside and we look forward to working with Diploma Construction to bring this vibrant urban quarter to life,” Mr Pahor said in a statement.

Queens Riverside is the first inner-city development undertaken by Frasers in Perth, but follows multiple developments in Sydney and other cities.

Its Sydney projects include the high-rise Lumiere Residences in the central city and the $2 billion Central Park, which involves the redevelopment of a former brewery. 

Some of the innovative design features it has employed at its Sydney developments, such as vertical gardens, will be a feature of the Queens Riverside.

The QIII apartments also include a relatively new concept to the Perth market – 58 ‘dual key’ apartments in which two dwellings share a common foyer, on a single title. 

Mr Pahor said Frasers recognised good opportunities for growth within ‘urban villages’ that combined living, working and leisure.

“We know from the success of our existing mixed-use projects that buyers are looking for high-quality designs and genuine amenity, with strong growth potential,” he said.

The concept master plan for Queens Riverside was by Jones Coulter Young Architects. 

The designer of QIII is by Perth architect Bruce Robinson, who was also responsible for the design of the Raffles hotel redevelopment.

Apart from Queens Riverside, Frasers’ only other project in Western Australia is the Frasers Landing residential sub-division at Mandurah.

The Mandurah site comprises 196 hectares and is earmarked for 1,250 homes.

Frasers, in conjunction with Brookfield Multiplex, had also been bidding to develop the 4ha Waterbank site, next to the Causeway in East Perth.

The state government selected Lend Lease late last year as the preferred proponent to develop the site, which is expected to include a tower of up to 42 storeys, about 700 new dwellings, a hotel, shops and offices.

Lend Lease is due to take occupancy of the Waterbank site and start building works in 2013.

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