Cedar Woods, Tokyo Gas Reveal $150m Subiaco Scheme

Cedar Woods and its joint-venture partner are planning a 236-apartment project in an inner-Perth suburb after a record quarter for the ASX-listed company.

Cedar Woods reported presales worth $763 million for the first quarter of this financial year, led by projects in Perth, an improvement of 36 per cent year-on-year. 

The results, along with strong house price growth predictions for the financial year, including 9.7 per cent for Perth, headlined the property developer’s annual general meeting this month.

The outlook is propelling its proposal of three apartment buildings of 7, 9 and 12 storeys planned for 2 Upham Street at Subiaco with partner Tokyo Gas Real Estate Australia.

Cedar Woods announced its move into major joint-venture partnerships in 2023 as Tokyo Gas was looking to deploy $600 million into property, particularly in Australia.

The pair picked up the 9784sq m inner-city site in May 2024 as its third deal together. It had two projects under construction in Adelaide at the time.

The Rothelowman-designed scheme for inner Perth includes a U-shaped layout with a common two-storey podium, 327 aboveground parking spaces and a cafe.

There is also a green corridor, pocket park, elevated courtyard, dining area, pool and roof decks in the landscape plans by Realm Studios. 

▲ The layered amenity plans on the shared podium of the Subiaco development.

Cedar Woods chairman William Hames said the decision to diversify the portfolio and appeal to different buyer groups was paying off. 

“We have been executing on this strategy and now have a very diversified portfolio of high-performing projects,” Hames said during his address at the annual general meeting.

“We constantly refine our site acquisitions brief to target areas and products that we project will meet a future demand sweet spot.

“The projects we have acquired in recent years and in line with this strategy are delivering good earnings results and will continue to deliver earnings for the business over many years and, in part, this has been done through our partnering strategy.” 

The ASX-listed company’s share prices rose from about $5 in April to $9.03 at the end of October.

▲ A rendering of the Cedar Woods and Tokyo Gas joint project at Subiaco, Perth.

Tokyo Gas has 49 per cent share of the Subiaco project with Cedar Woods developing the project with its majority-owned entity, Tarkine Property Pty Ltd.

Cedar Woods will manage and sell the project once complete.

The project is on exhibition with the WA Department of Planning, Lands and Heritage until December 21.