Commencement of construction was officially marked today (23 September) with a sod-turning ceremony at the site in the sought-after Kintail Quarter Precinct of the riverside suburb: Forbes Residences in Applecross, by developer Mustera Property Group.
The $90 million project is being delivered by leading WA builder PACT Construction, with the build expected to be completed by mid-2023.
Mustera Executive Director Nick Zborowski said the construction start on Forbes Residences marked a significant milestone for the project – which has been designed by award-winning Singapore-based architecture firm WOHA, supported by Perth firm MJA Studio.
“This will be a landmark development for Applecross, and one unlike anything else in the market in Western Australia,” said Mr Zborowski.
“As the first WA project for WOHA, Forbes Residences has been designed to set new benchmarks for luxury, innovation and sustainability for premium apartments in Perth.
“The very strong buyer response we’ve had is testament to the appetite for the level of quality it will deliver.”
Forbes Residences offers 34 three-and four-bedroom apartments and has been designed as a vertical village, with just four apartments per floor and a landscaped sky garden every three levels. It will also include a community centre, co-working options, community gardens and food and beverage options, together with a limited number of corporate-stay accommodation units and boutique retail and commercial space.
The project was launched to market in February and achieved some $32 million in sales under contract in the space of 12 weeks. More than 50 per cent of apartments are now under contract, including two of the development’s four penthouses.
“The WA apartment market is going from strength to strength, with high enquiry levels and transactions to date in 2021and increased interest from eastern states and overseas buyers adding competition into the market,” said Mr Zborowski.
“We’ve got a continued low interest rate environment and an outperforming economy, with investment in the private and public sector expected to see job creation and population growth. Add that to the recent announcement on the extension of the stamp duty rebate for off the plan buyers, and all of these factors translate into higher demand for apartments.
“Certainly 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.”