Group seeks approval for nine multigenerational towers at $3.8b project
LONDON: Downsizers will underpin the nine tower, $3.8 billion project proposed for a waterfront site.
Developer Golden Group is seeking approval for nine 19-storey towers in the $3.8 billion Belmont Park project on the Burswood Peninsula, claiming Perth’s “amazing” enthusiasm for new developments has not been this strong for nearly 20 years.
Golden Group was one of the first developers to put works on hold when COVID hit in early 2020, on fears the pandemic’s economic fallout would make the residential development unsustainable.
But managing director Andrew Sugiaputra said the $60 million civil works program had recommenced and the company had recently lodged plans with the town of Victoria Park for the next stage, known as Precinct A.
The 20 hectare precinct, if approved, will include nine 19-storey towers including 1100 apartments, as well as 200 townhouses along the river. A community consultation period closes in a week.
The new plan is different from the original masterplan, which initially appeared to show more towers and fewer townhouses in the precinct.
But both plans maintain total dwelling numbers at 4500, with the apartments and townhouses hugging Belmont racetrack and the Swan River.
Mr Sugiaputra said plans for the residential development, which started when Golden Group bought the land in 2011, were finally back on track.
And he claimed he had never been so optimistic about the market conditions as he is now.
“COVID is not a threat anymore — everything is going full steam ahead,” Mr Sugiaputra said.
“The feeling I have got from the Perth property market is that the enthusiasm is amazing. It is like 2005-2006.
“Over the next few years we see the market as positive.”
Mr Sugiapetra said the biggest threat to development was the labour shortage, claiming a one-hour wait for food at a local cafe this week indicated the extent of the shortfall.
But he expected the issue would be relatively short-lived.
“Labour shortage is a current issue and will stabilise in about 12 months. It will not impact on us,” he said.
A plan submitted to the Town of Victoria Park stated the towers would create 12,731sqm of overshadowing across the racetrack.
But Mr Sugiaputra said a more recent revision to the plans meant “overshadowing will be significantly reduced during winter solstice” — but he did not reveal the extent.
He said public open space was an important part of the area, with 9ha set aside for the foreshore.
The plans submitted to council showed two public jetties, BBQ facilities, an urban plaza and two canoe-launching beaches.
Golden Group already has development approval for two towers, designed by Hassell Architects, worth $205 million.
The towers, one at 31 storeys with 250 apartments and the other at 26 storeys with 213, are designed to share a podium and a lobby.
Golden Group said in a letter to cabinet ministers in 2011 that development would commence in 2012.
