Hong Kong's Far East gets green light for Perth project

Hong Kong's Far East gets green light for Perth project

Thu, 09/08/2018 - 16:51
Perth Hub

Far East Consortium's Perth hub is expected to breathe new life into an underutilised area. Photo: Far East Consortium

Hong Kong-headquartered Far East Consortium has won approval for its $158 million Perth Hub hotel, apartments and retail project in Western Australia’s capital city, paving the way for a marketing launch in October.

The Perth Hub will comprise a 32-storey mixed use tower containing 314 apartments, alongside a 23-level, 263-room Dorsett Hotel.

WA Planning Minister Rita Saffioti said the project’s unique design would make a significant contribution to the new urban character of the northern end of Perth’s CBD, which has been subject to a long-running redevelopment.

The WA state government has invested more than $1 billion in urban redevelopment at the Perth City Link, which spans 13.5 hectares across the city.

Overall, the renewal project promises to deliver up to 1,650 new dwellings, 220,000 square metres of office space, 24,000sqm of retail development and 4.4ha of public space.

Four office towers, developed by Leighton Properties and Dexus Property Group, were the first developments to be completed, while the public space, known as Yagan Square, was opened to much fanfare earlier this year.

Ms Saffioti said Far East Consortium’s proposal demonstrated significant design excellence, allowing the developer to build 16 storeys above height limits for one of its buildings, and seven on another.

Perth MLA John Carey said Far East Consortium’s Perth Hub would complement the commercial office precinct already built at the Perth City Link.

"We are aiming to foster an environment of fun and vibrancy in the Perth CBD and more investment in hotels, retail and hospitality venues is a great sign that we are on the right track,” Mr Carey said.

"This development also means we will have more people living in the city centre, relying on public transport and using the great businesses we have locally."

The Perth Hub is one of several projects which Far East Consortium is pursuing in Australia, and its second in Western Australia.

Its $500 million Ritz Carlton and the Towers development, perched alongside the Swan River at the other end of the Perth CBD, is set to be completed next year, with cladding and glass being installed on the two towers.

Far East Consortium is also developing a Ritz Carlton hotel in Melbourne as part of its West Side Place, in addition to properties in the planning process in Sydney and Brisbane.

The Hong Kong Group’s residential development pipeline was worth $HK52 billion ($8.9 billion) at the end of March, according to the company’s latest financials lodged with the Hong Kong Stock Exchange.

Far East achieved revenue of $HK5.2 billion ($890 million) in FY2018, for a net profit of $HK1.6 billion ($270 million).