Hong Kong-listed Far East Consortium has purchased two lots in the Perth City Link project from the West Australian government for $5.7 million, with plans for a $219-million mixed-use development including a hotel.
Construction started earlier this month as part of the hotel-and-apartment project at Elizabeth Quay, and the development is slated for completion in 2019. This will be the company’s second project in Perth.
Far East has reportedly signed a contract to buy the two lots, which will have more than 350 residential apartments and 250 hotel rooms that will be managed by Dorsett, one of Far East’s hotel brands.
The deal comes just two weeks after the developer put its 205-room Ritz-Carlton Perth hotel on the market.
In a statement, Far East chairman David Chiu said that the “rapid growth of Asian visitors to Australia will continue,” and that Perth’s appeal for business and leisure travelers will grow once projects in the city’s central business district are completed.