The state government's push for apartment and townhouse developments, as well as increased appetite among home buyers for high-density housing, is creating substantial opportunity for residential property syndicates. The government's planning policy framework, Directions 2031, has provided the necessary impetus for investors to enter into syndicates for multi-unit residential property developments.
Momentum Wealth has just launched its Carine Rise syndicate, after purchasing three grouped residential lots from Landcorp and Cedar Woods at the former Carine Tafe site in the northern suburbs. Momentum Wealth plans to develop 18 apartments and three two-storey townhouses on the lots, which were bought for $2.6 million. Managing director Damian Collins said the development was attractive to syndicate investors because of the current lack of housing diversity in the northern suburbs, particularly Carine. "Not everyone wants to move to an inner-city apartment or to North Perth or West Perth. This project gives them a chance to stay in their own community" he said.
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