Construction has begun on a $90 million 13-level apartment block that will transform the Applecross skyline.
ASX-listed developer Mustera Property Group is planning “eco-friendly” towers of vertical gardens at the Forbes Residences project at the 2023sqm site. The apartments are tipped to be completed by October 2023.
More than 50 per cent of the 34 three and four-bedroom apartments are already under contract, including two of the development’s four penthouses, priced about $3m.
Just 12 weeks after the project’s February launch, it had about $32m in sales under contract.
Mustera executive director Nick Zborowski attributed some of the demand to the recent State Budget announcement of a stamp duty rebate for off-the-plan buyers.
Mr Zborowski said Mustera, buoyed by the strong interest, was now turning its attention to residential projects in North Fremantle and East Perth.
The luxury Applecross development is in the sought-after Kintail Quarter Precinct of the leafy riverside suburb and got planning approval in April last year.
The landscaping on the facades has been designed to achieve a high Greenstar rating. There are just four apartments per floor and a landscaped sky garden every three levels.
A community centre, co-working options, large pool, community gardens and food and beverage options, will be included.