Peet Ltd. confirmed its appointment as the development manager for a 220-hectare affordable housing project in Brabham, a suburb in Perth, Western Australia.
The Australian developer entered relevant agreements for the role, after being named preferred development partner in July 2017 by the local state government. Earlier, the government said construction on the site is expected to begin in 2019, with overall economic activity for the project estimated at A$2.32 billion.
Peet expects to deliver more than 3,000 dwellings, schools, shops and recreational areas at Brabham. In its earnings report for the half-year ended Dec. 31, 2017, Peet said it plans to establish a new wholesale fund to jointly develop the project with an unnamed wholesale investor.
