Brookfield bids for hotel development
Brookfield Multiplex, which has just done the $600 million Karrinyup Shopping Centre and $430 million Perth Museum, has put in a tender for Fragrance Group’s 52-storey $200 million twin-tower residential hotel development on the corner of Milligan and Murray streets.
The Fragrance Group’s twin-tower development on Murray Street, opposite Shafto Lane, will offer 360 apartments and 400 hotel rooms.
It’s an ambitious project but Brookfield Multiplex WA regional managing director Chris Palandri said the company’s great strength was its ability to take on any sort of project.
“We don’t just do hospitals, we don’t just do office buildings — we do hospitals, office buildings, shopping centres, hotels, apartment buildings, sporting arenas, aquatic centres ... we have to be a general contractor so that we can react to the market,” Mr Palandri told the West Australian.
“We still have a strong workbook in WA but it’s not nearly as strong as it was in 2013, not surprisingly.
“But across Australia, the Brookfield Multiplex workbook is bigger than it’s ever been and it’s growing.
“In 2008, WA was probably the biggest of all our construction regions. Diversification is what insulates our business against the peaks and troughs in any one particular location.”
Mr Palandri said that there was still all sorts of opportunities for developers in Perth, despite the depressed state of the WA property market which has seen CBD offices hit particularly hard.
He said WA’s shopping centres and at Elizabeth Quay offered “still quite a large chunk” of work.
This was particularly the case with Singaporean and Malaysian investors flocking to Perth and seeking highly regarded local partners.
In the meantime, Brookfield has a full book of work.
Work at Crown Towers is scheduled to finish at the end of this month and it plans to finish the job at Woodside’s Capital Square by the end of May.
by Leon Gettler, August 3rd 2016
