Psaros / News

Psaros Expands its Project Pipeline by $125million

Local property developer Psaros has secured three new sites in Perth with a total estimated project value in excess of $125 million.

One of the properties – located on Beaufort Street in Perth – is set to be developed to include residential apartments as well as ground floor commercial and retail space with a value of $25 million.

A site on Selby Street in Churchlands is planned to be a residential apartment building worth an estimated $50 million.

The third site located in Scarborough will aim to bring affordable, quality apartments to the coast.

Psaros CEO Danny Psaros said the acquisitions were an indication of Psaros’ confidence in the market despite recent reports of an oversupply of new apartments in Perth.

“At present, there is a lot of public comment about a potential oversupply of new apartments across Perth,” said Mr Psaros.

Psaros conducted analysis which looked at a range of factors including population growth, pent-up demand, probability of delivery, dwelling occupancy as well as propensity for apartment product, which suggests a shortfall of apartments in Perth over the next five years.

“With a 100% track record of on-time delivery, Psaros is looking forward to continuing to deliver in this market,” said Mr Psaros.

These recent acquisitions will mean Psaros will develop and provide nearly 700 apartments within the next three years.

“The addition of the recent acquisitions will mean Psaros will develop four to six projects every year from 2014 to 2017, delivering between 150 and 200 apartments in each of those years”, said Mr Psaros.