Works are now underway on Stage 1 of Golden Group’s $3.8 billion Belmont Park redevelopment in Western Australia’s Burswood Peninsula.
The multi-billion dollar mixed-use development is located on 36 hectare site beside the Belmont Park Racecourse. The project will transform the peninsula to feature 4,500 residential apartments, retail and office spaces.
“The $3.8 billion mixed-use development of Belmont Park is a bold initiative by Golden Group, expected to create thousands of local jobs and continue the revitalisation of the Burswood Peninsula.
“This development represents great news for the WA economy, businesses and local jobs, and demonstrates the economic optimism that is returning to Western Australia,” Premier Mark McGowan said.
Stage 1 of the Belmont Park project will include the construction of approximately 1,500 new apartments as well as 6,000-SQM of retail space and 20,000-SQM of commercial space - which will be built directly across the Optus Stadium.
According to Golden Group Managing Director Andrew Sugiaputra, the project will include developing six super lots within the first precinct as well as road upgrades, bridge works and foreshore developments that will feature a private jetty - which has the potential to be extended into a public jetty - and a rowing club.
“Our plan is to build up a connected community,” Mr Sugiaputra said.
The preferred builder to deliver this massive project is expected to be announced by August of this year, with construction on the first stage projected to take up to 15 months to complete.
The entire Belmont Park project is expected to take up to 20 years to develop, injecting up to $10 billion into the local economy and creating more than 25,000 local jobs.
The development is situated next to the train line, making it have excellent connectivity and access to the CBD, airport, sporting and entertainment precincts. Belmont Park will also be benefitting from the METRONET expansion and upgrade.
“It is almost unheard of to find land like this, being so close to the city (about 3.5 kilometres from the CBD) with beautiful waterfront views.
“And you’ve got the race track in the middle, the train station, the new stadium, Crown Towers… all of the entertainment and event precincts right next door,” Mr Sugiaputra added.
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Source: Business News WA, Government of Western Australia, The West Australian