Psaros launches Perth’s Park Avenue

PETALING JAYA (May 16): Psaros, a Perth-based developer and builder, launched its new development, Park Avenue, on 271 Selby Street, Churchlands, Perth at an event here yesterday. 

Psaros founder and CEO Danny Psaros said one of the reasons for launching the project in Malaysia was the demand here for properties in Perth. Another launch event will be held in Kota Kinabalu, Sabah, on May 22. 

Park Avenue sits on a 4,831 sq m site and is a mixed-used development featuring a 5-storey block comprising 93 residential units and four commercial lots on the ground floor. The latter are intended to accommodate offices and a café.

The built-ups of the residential units are between 56 sq m and 115 sq m and sell for between A$379,000 (RM1.08 million) and A$949,000. The gross development value of the project is A$60 million. It is scheduled for completion in June 2017.

The site is 5km northwest of Perth CBD. While it does not have direct access to a train station, it has a bus service from Grantham street to Leederville and Subiaco. 

According to Psaros, Perth "will need 12,500 apartments on a yearly basis because Asians have over the years chosen to settle down in Perth as opposed to Sydney or Melbourne, thus creating a demand for more dwellings in Perth".

He said Park Avenue has a variety of dwelling types and layouts, including some with two bathrooms or semi-ensuites. Each unit has a balcony and access to communal facilities found on the first floor, including a gym, shade structures, swimming pool and deck.

Units have 2.7m high ceilings, commercial grade windows and door frames, and solid party walls for quieter apartment living. They feature large balconies with frameless glass balustrading.

Psaros has a track record of 30 years as a developer and has delivered 800 apartments in Perth with green features that run on solar power.