Peet
(ASX:PPC) has been named as the Western Australian Government’s preferred proponent for final negotiations, as a development partner for a mass housing project, 20 kilometres from Perth.
Peet expects negotiations for a contract will be finalised by December 2017, with construction to kick off in 2019.
The land developer says it was earmarked for the 220-hectares Brabham landholding development, by the WA Minister for Housing, after the government called for expression of interest.
It will be a major transit-oriented development, linking Swan Valley to Perth, offering affordable and social housing in a community environment.
Peet says it potentially involves 3,000 dwellings, schools, shops and recreational areas.
As part of the new JV, the company will establish a new wholesale fund with Perron Group to jointly develop the project, with Peet appointed as the development manager.
Shares in Peet
(ASX:PPC) are trading 1.26 per cent higher to $1.20.