Canning Bridge is shaping up as Perth's newest billion-dollar precinct, with a suite of new projects collectively worth $595 million adding to more than $400 million worth of development under construction or recently completed.
Construction has started this week on two apartment projects with a collective end value of $126 million, with Norup + Wilson launching its Beach Shack in Scarborough and Baltinas starting to build its Habitat Residences in Applecross.
Construction has started on boutique developer Norup + Wilson's $190 million Mount Pleasant project, The Precinct, following the selection of BGC as the preferred builder earlier this week.
Developers are seeking to exploit new niches in Perth's residential apartment market, with slow sales and patchy project launches likely to lead to supply issues in the near future.
Construction on a 22-storey tower near Canning Bridge will start in March next year, after developer Norup + Wilson was given the green light to proceed by planning authorities.
Developers are getting on board with the City of Melville's vision for a redeveloped Canning Bridge precinct, ahead of changes to the area's planning scheme expected to be finalised later this year.
