Foreign property proposal
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.