May 20, 2019
Far East Consortium (FEC) has confirmed its 100% commitment to the Perth Hub project.
“Construction of the Perth Hub will commence in response to presales as is common industry practice,”
– FEC Executive Director, Craig Williams.
“We are very proud of this $300 million project and were pleased to see the enthusiasm for this project following the launch of sales in October 2018,” he said.
“There were approximately 100 binding offers to purchase in the first three months – an unprecedented response in current market conditions.”
Mr Williams said there was no doubt that the introduction of a Foreign Buyer Stamp Duty Surcharge in Western Australia in January was disappointing and had impacted the construction and property industry.
“The impact was to be expected and is the same challenge we have dealt with in eastern states markets,” he commented. “It certainly hasn’t changed our commitment to Perth Hub or any other project.”
FEC’s commitment to the Australian market, and the Perth market, in particular, is beyond question with 10 projects completed over the past 25 years, and another six projects commenced as part of a two-billion-dollar project pipeline.
FEC has been one of the largest sellers of off-the-plan apartments in Western Australia over the last 24 months and has a demonstrated long-term commitment to that market and others around Australia.
The CBD location for Perth Hub was acquired four years ago and plans were given government approval last year. The complex includes one 32-storey tower with 304 apartments and a second tower with the 4-star, 250-room Dorsett Hotel across 23 storeys.
Situated across from the popular shopping strips of King, Perth and Lake Streets, the property will act as a gateway to the city’s famous shopping district, as well as housing its own 1,200 square metre retail and food and beverage centre.
The project builder for Perth Hub has not yet been selected and will be the subject of a tender process as presales are achieved.
“Far East Consortium remains one of the strongest and most committed developers in Australia – and Perth is a key market for us”
– Mr Williams.