Investors buying off the plan in Perth's QIII

Investors buying off the plan in Perth's QIII
Investors buying off the plan in Perth's QIII

Singaporean investors have spent more than $11 million buying apartments off the plan in Fraser’s new residential project in Perth. 

The development known as QIII is part of Frasers’ Queens Riverside Hotel + Residences development, which will offer 408 luxury apartments in three buildings and a 236-room all-suites hotel operated under the Frasers Hospitality brand. 

Frasers ran a series of seminars in Singapore in November promoting the project to local buyers and attracted “exceptional interest” as well as sales of $11.1 million, according to CEO Guy Pahor. 

The 26-storey apartment building will feature 265 apartments, of which 125 have been sold. 

Many of the Singaporean buyers purchased with the intention of upgrading from their existing Perth property as the time draws closer to completion of QIII.

Apartments are selling for about $730,000, with $1.4 million the top price achieved to date. It was for a three-bedroom apartment on the 21st floor. 

QIII will be the second stage of the development, which is being built for Frasers by Diploma Construction. 

The first stage, the $107.5 million construction of Fraser Suites Perth plus common basements and podium for the Queens Riverside precinct, is now underway.

For more on Asian investors in Australian real estate, download our free eBook Foreign Investment in Australia's Property Markets.

For more on buying off the plan, donwload our free eBook 10 Tips for Investing Off the Plan.

 

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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