Far East to build hotel, apartments on City Link properties
Hong Kong-listed Far East Consortium has bought two lots in the Perth City Link project from the West Australian government, with plans for a $219 million mixed-use development including a hotel and residential apartments.
The deal comes just two weeks after the developer put its 205-room Ritz-Carlton Perth hotel on the market.
Construction started earlier this month as part of the mixed hotel and apartment project at Elizabeth Quay. It will be the company’s second project in Perth.
Far East says it has signed a contract to buy the two lots, located adjacent to the Perth Arena, which will deliver more than 350 residential apartments and 250 hotel rooms managed by Dorsett, one of Far East’s hotel brands.
We expect the beautiful city of Perth will become an important destination after its CBD projects are completed
The company is buying the sites for $5.7 million and intends to progress the planning and construction of the project during 2016 and 2017.
“The group is very confident that the rapid growth of Asian visitors to Australia will continue and, in particular, we expect the beautiful city of Perth will become an important destination after its CBD projects are completed,” says Far East chairman David Chiu.
“We are committed to building exciting inner city living opportunities and the Perth City Link location has fantastic connection to food, entertainment and public transport options as well as being within walking distance to the office precinct.”
This article originally appeared on www.theaustralian.com.au/property.