Malaysian group plans $100m Cockburn project

Malaysian property group Seri Mutiara Development is planning a $100 million residential project in Perth’s southern suburbs, having bought three plots of land at Cockburn Central West.

LandCorp today announced Seri Mutiara’s Western Australia-based subsidiary, SM Venture Capital, had closed a deal to buy three lots on the corner of Veterans Parade and Midgegooroo Avenue.

Seri Mutiara has been delivering large-scale residential projects in Malaysia for more than 10 years, but the Cockburn buy represents its first foray into WA.

The lots are part of the first stage of LandCorp’s Cockburn Central West, which features a $109 million aquatic and recreational facility being built by Multiplex, which will also become the new home for the Fremantle Dockers once complete.

Seri Mutiara is planning to build three apartment buildings on the land, totalling more than 390 dwellings.

Construction of the first building is expected to start late next year or in early 2018, subject to relevant approvals.

The other buildings will be constructed in a staged manner, Seri Mutiara managing director Datuk Benny Hoe said.

He said the company was excited to deliver an innovative mixed use development at Cockburn Central.

“The area is a developing centre outside the CBD, and its close proximity to Cockburn Central Station makes it possible for people working in the city to make Cockburn Central West their ideal place to live,” Mr Hoe said.

LandCorp acting chief executive Dean Mudford said the investment highlighted the appeal of Cockburn Central West.

LandCorp has sold 50 per cent of the mixed use development sites on offer at the first stage of Cockburn Central, with five plots remaining.

The first stage of civil works was completed in April, while the wider precinct allows for more than 1,000 dwellings.

Mr Mudford said the project was converting underutilised land into a connected and vibrant space.

“The new urban centre and recreation facility will also deliver multiple commercial and retail opportunities that will boost the local economy and provide a range of local employment choices for residents,” he said.