$40m 9 Tully starts
LKD Development Group has achieved the 50 per cent by value pre-sales target that will allow it to start building its $40 million 9 Tully project in East Perth.
Work will start on the ninestorey, 79-apartment project designed by architects Doepel Marsh in March, with completion late next year.
LKD managing director Fabian Deng said despite the slower market, the project had found buyers keen on the Claisebrook Village lifestyle.
Many buyers in the East Perth project were enthusiastic about Optus Stadium.
It has appointed Jaxon as builder.
LKD is a family owned real estate and development firm. It paid $3.6 million for the vacant land in September 2015 and launched its project, pitched at “price sensitive” buyers in August 2016, after receiving development approval a month earlier.
The 79-apartment project comprises 23 one-bedroom, 50 two-bedroom and six threebedroom apartments.
The tower will have views over the river and the city and Mr Deng said the location would ensure it was a standout development in East Perth.
Mr Deng has previously said he asked Doepel Marsh to ensure the design made it possible to keep strata levies low and maintain a high-quality lifestyle.
Prices start at $365,000 for one bedroom apartments, $435,000 for two bedrooms and $650,000 for three bedrooms. It has sold all but one of the three-bedroom apartments and most of the sales have been to local buyers.
LKD has completed a $20 million, four-level, 40-apartment project at 152 FitzGerald Street and was planning other central projects including on Roe Street adjoining Perth City Link.
The 9 Tully project, at the north-west corner of Claisebrook Cove, is being marketed by Colliers International’s Willie Lim.
The view from unit 71.