Fourth time lucky, Mustera secures approval for lavish Perth apartment complex

Having endured a rocky road over the past 12 months where their major project was rejected by the regulatory board three times, property developer Mustera Property Group (ASX: MPX) is finally set to get their Forbes project underway having received approval from the Joint Development Assessment Panel (JDAP).

The $65m ‘Forbes Residences’ project located in upmarket suburb of Applecross in Perth’s South will be the first of its kind in WA and fourth in Australia, fitted with innovative social and environmental features.

The building will mirror the Singapore-based architecture practice, WOHA, incorporating a vertical village including swimming pool, gym, sky gardens, community workplaces, kitchen and barbeque facilities, and a community garden for public use under the City of Melville’s management. The company is also chasing a 5-star GreenStar rating, utilising solar energy and recycling wastewater for the gardens. 

Executive Director, Nicholas Zborowski, said “Forbes Residences is an apartment development unlike anything seen in the Perth market to date. It’s one we are very proud of, and one we believe will take the perception of apartment living to a new level.” Mr Zborowski commented further “Forbes Residences will set a new benchmark for the WA apartment market.” 

The suburb is only 8 kilometers from Perth where Applecross households earn over 52% more than the Australian average, and is in a ‘high-demand market’, meaning there is significant interest from homeowners looking to enter the suburb compared the availability of residences (Real Estate 2020).  Median house prices are over $1.7m in the area, with the median of 2 and 3-bedroom units at $480k and $855k respectively. 

Despite the coronavirus pandemic weighing down the ASX over the past two months, MPX shares have been largely unaffected with the stock having only dropped one cent (3.3%) to be trading at $0.29. This compares favourably to the wider market’s fall of over 25%.