Mustera Property Group (ASX:MPX) gets development approval for WA apartments

• Mustera Property Group (MPX) has received the green light from the Joint Development Assessment panel to develop its Applecross apartments
• Because of the approval, the $65 million Forbes Residences project can now begin turning soil
• The complex will host 57 residential apartments, along with food and beverage retailers and a commercial space
• Singaporean architecture firm WOHA will design the project 
• Mustera shares remain in the grey in early trade, selling for 29 cents per share

Mustera Property Group (MPX) has received the green light from the Joint Development Assessment panel to develop its new apartment complex.

The development, located in the ritzy waterfront suburb of Applecross in Perth, will cost an estimated $65 million to develop. 

The dual-use complex will include 57 luxury apartments, along with food and beverage options and commercial spaces.

The ‘vertical village,’ as Mustera has described it, will be designed by Singaporean architecture firm WOHA. The award-winning architects specialize in integrating environmental and social elements into their designs.

The architects designed the Kampung Admiralty, development, which won ‘World Building of the Year’ at the 2018 World Architecture Festival.

Mustera’s Executive Director, Nick Zborowski, said the company was delighted that the quality of design and the benefits the project would deliver had been recognised by the community and the planning panel

“Our vision from the outset has been to deliver a world-class development in terms of its design, its amenity and its approach to sustainability – An Applecross in the sky, with residents able to enjoy all the great elements of the local lifestyle, including leafy outlooks, fantastic views and a connected neighbourhood feel,” Nick said.”

“Forbes Residences will set a new benchmark for the WA apartment market,” he continued.

“WOHA founding principal Richard Hassell was born and raised in Perth and graduated from the University of Western Australia, so this globally awarded practice has a strong connection to Western Australia and a keen desire to deliver an outstanding development here” Nick explained.

This will be WOHA’s first project in WA, but fourth Australian project. The building is aiming for a 5-star Greenstar rating, with sustainability initiatives including a solar array, natural cross-ventilation, wind scoops to circulate air through the basement levels and recycled wastewater for irrigation. Residents will be separated by sky gardens every 3 levels, with a community garden located on the first floor.

Mustera shares remain in the grey in early trade, selling for 29 cents per share at 10:24 am AEST.