Chuan Hup's associated firm gets nod to develop residential tower in Perth

MAINBOARD-listed property investment company Chuan Hup announced that its associated company has received approval from the Australian authorities to develop a 32-level residential tower in a prime area in Perth.

The company, in a regulatory filing on Thursday, said that its associated company, 240 Adelaide Terrace Pty Ltd, has been given the green light by Perth's development assessment panel to proceed with the project in Adelaide Terrace, near the city's central business district.

Construction is expected to begin in January 2021.

The development, located at 240 Adelaide Terrace, will comprise a mix of 119 studio, one-, two- and three-bedroom apartments on the 1,679 square metre site.

It will have a full range of resort-style facilities, including a lap pool, gym, sauna, steam room and multimedia cinematic hub, as well as a private dining room and residents' lounge.

A rooftop viewing deck on level 32 will feature an outdoor cabana and barbecue area, offering sweeping views of the city skyline and the Swan River.

240 Adelaide Terrace Pty, formerly known as Finbar Sub 106 Pty, is a 50:50 joint venture company between Chuan Hup's subsidiary, Ventrade Australia Pty, and Finbar.

Chuan Hup shares closed flat at S$0.197 on Thursday, before this announcement was made.