Foreign prop­erty pro­posal

The West Australian - - NEWS - Liam Croy

A South Korean-backed de­vel­oper plans to pour $1 bil­lion into the WA prop­erty mar­ket in the next six years, start­ing with a $318 mil­lion apart­ment project in Bur­swood.

Aus­tralian Trea­sury Man­age­ment, on be­half of par­ent com­pany Soft Star, has en­gaged BGC to build the first of three proposed res­i­den­tial tow­ers at a site on River­vale Road.

The Town of Vic­to­ria Park has ap­proved plans for the first tower, a 28-storey build­ing fea­tur­ing 150 apart­ments.

Con­struc­tion is due to start this year. The over­all de­vel­op­ment would in­clude more than 500 apart­ments.

ATM, which ac­quired the land in 2014, is ex­pected to reveal more de­tails at a launch this week.

They have an­other $688 mil­lion worth of real es­tate projects planned for WA.

An ATM spokesman said its plans in WA rep­re­sented the fifth-big­gest foreign pri­vate in­vest­ment in Aus­tralian real es­tate.

Soft Star chair­man David Kwon said he wanted to thank Sam Bar­nett for his help with the Bur­swood project.

“Sam helped make us com­fort­able about pro­ceed­ing with this project,” he said. “Be­ing able to reach him is a great re­source.”

The 28-storey Bur­swood tower.

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