SINGAPORE (THE BUSINESS TIMES) – Frasers Property’s Australian division has won a bid to join the Queensland government’s build-to-rent (BTR) pilot.
This will help create BTR as a viable asset class in Brisbane and deliver affordable key-worker housing options to the inner city, said mainboard-listed Frasers Property in a press statement on Saturday (Oct 3).
The company will develop 354 apartments on a 2,020 sq m site at 210 Brunswick Street, Fortitude Valley, within 140m of the Fortitude Valley railway station.
The 25-level apartment building plus basement parking and rooftop will include 42 studio apartments, 188 one-bedroom apartments and 124 two-bedroom apartments.
Upon practical completion, Frasers Property will own and operate the development.
For 144 units, or 40 per cent of the development, the state government will subsidise the rental by 25 per cent. The remaining 210 units will be offered at market rental.
All apartments in the building will enjoy “the same high standards of finish and amenity access”, Frasers Property said.
It added that the BTR framework maximises tenant flexibility, providing options to add and subtract extras like parking and storage when needed.
Frasers Property Australia chief executive Anthony Boyd said the project will set a benchmark in quality and a model that will encourage further partnerships between the government and the private sector, and stimulate institutional investment in BTR as new asset class.
“The outcome will be a greater diversity and supply of affordable rental housing, and that’s a positive thing for the community and the economy,” he added.
Amenities at the development will include a proposed rooftop dog park, a lawn, a recreation and cabana deck, a podium garden terrace, two pools, multiple indoor and outdoor fitness areas, dining and entertainment areas. There will also be a residents’ work-from-home co-working office.
The building will operate as carbon neutral once completed, Frasers Property said.
The company anticipates construction will start in mid-2021. The expected three-year construction programme will complete by end-2024, with resident leasing opportunities opening just prior.
Frasers Property Australia was one of two developers that were successful in their bids to take part in the Queenland government’s BTR pilot.
Shares of Frasers Property last traded at $1.17 on Friday.