Singapore-listed Bonvest Holdings Limited is planning to build two residential towers and refurbish the Sheraton Hotel at the western corner of Perth CBD.
The 18-storey and 32-storey towers would be built opposite the RAC Arena, while the facade of the Four Points by Sheraton would be updated at a total cost of $230 million.
This would add 272 apartments to the booming Perth residential market where apartment prices have jumped 10.4 per cent in the past year, according to Cotality’s July results.
The lots are at 725 Wellington Street, 707 Wellington Street and 484-486 Murray Street.
The application listed three owners of the land, Bonvest’s Henry Ngo and Gary Xie, along with Qiaorui Feng of Sydney.
The Woods Bagot-designed scheme has the shorter tower opposite the RAC Arena while the taller one is tucked-in behind the hotel.
There will also be ground floor commercial tenancies and a new pedestrian link, called Arena Lane, from Wellington Street to Murray Street, which runs behind the taller tower.
A previous approval for the site in 2020 had a childcare premises, a plaza addition and public end of trip facilities, which were not included in this application to the City of Perth.
The SGX-listed company purchased 20 Murray Fair commercial properties in 2020 and amalgamated the sites next to Kings Square.
Bonvest Holdings also has properties in the Maldives, Tunisia, Zanzibar, Singapore, Bintan in Indonesia and Morocco.
It is currently building a hotel in Tunisia, which is scheduled for operational completion by mid-2026.
Back in WA, planning continues on the Perth City Link development sites including an application for a 21-storey student tower on lot 19 over the “buried” bus station.
Erben filed the plans in May for a MJA architects designed tower with 1146 student beds above ground floor retail and dining.
Perth City Link is bookended by the sports arena and Yagan Square next to the new Edith Cowan University city campus.
