Swan Valley syndicate a winner for Aspen

Residential developer Aspen Group has announced its St Leonards Residential Land Syndicate has successfully raised the minimum $8 million required to commence the 181-lot residential project.

The syndicate is also seeking to raise an additional $3.5 million in capital for The Enclave, which is located adjacent to the Swan Valley, 15 kilometres north-east of the central business district,

Aspen's head of residential, Chris Lewis, said the syndicate's positive results were an encouraging sign that faith in property investment is returning.

"We have already received considerable interest from builders in the land when it becomes available on the market, with expressions of interest received on 60 per cent of the lots," Mr Lewis said.

"We are seeing very strong demand for residential land available this close to the CBD, and expect this to continue, given the strong outlook for growth in the WA economy."

The Enclave at St Leonards will be managed by Aspen Group subsidiary Aspen Living, which manages the adjacent St Leonards Estate.