Just In Time: Probuild Appointed To Project Prior To Lapse
Singapore-based property developer Fragrance Group Limited has appointed Probuild to carry out the design and construct contract for NV Apartments on Murray Street, with Scanlan Architects also listed as designer.
The announcement comes just in time, as original approval for the NV site was issued in June 2015 and would have lapsed if the project hadn't 'substantially commenced'. Sales agents informed buyers that the project was due to start early 2017.
NV Apartments at 374-396 Murray Street in Perth’s CBD will include two towers: One 28 level tower with 488 hotel rooms and ground floor eatery, and a second 33-level tower with 401 residential apartments.
In February it was revealed Fragrance Group's net profit had plummeted 89 per cent to S$7.5 million from FY2015.
Lower property development revenue, plus an absence of substantial fair value gain on investment properties contributed to the results, according to reports.
For the 12 months ended Dec 31, Fragrance's revenue plunged 58.4 per cent to S$118.7 million from the year-ago period. The decline in revenue was due mainly to having fewer ongoing development projects compared to FY2015.
Probuild, which is now in partnership with Fragrance Group for the project, said NV Apartments was a good addition to its portfolio.
“With an overall development value in excess of $200M, NV Apartments is another great addition to our portfolio of mixed-use projects, a strength Probuild is well-known for,” Probuild WA Managing Director Sam Delmenico said.
“This is our first project for international developer Fragrance Group Limited and we look forward to partnering with them to bring their vision to life.”
Probuild will deliver the project under a design and construct contract.
The company is currently completing several projects in WA including the $300million Ritz-Carlton and The Towers at Elizabeth Quay, plus the Oracle Apartments.
Construction is anticipated to commence in July 2017 with completion in late 2019.
