LKD Development Group has emerged from the residential downturn with a strong foothold in Perth’s apartment market.
This week, the three-year old Perth business starts construction of its third apartment project, 9 Tully in East Perth, and is also moving forward with plans for a new project in Northbridge.
“As a family business, we are cautiously expanding our presence in Perth’s real estate market. The apartment market is still relatively young and we are continuously working to unlock additional value for our buyers,” said Fabian Deng, who along with his brother Clinton, runs LKD Development.
The start of construction at 9 Tully, which is being built on the north-western corner of Claisebrook Village, follows a successful off-the-plan sales campaign by Colliers International’s Willie Lim.
“With the remaining two-bedrooms priced from $450,000 and the sold out three-bedrooms from $645,000, owner-occupiers and downsizers were key buyers,” Mr Lim said.
The nine-storey building was designed by Subiaco firm Doepel Marsh Architects and includes a central atrium.
With building company Jaxon expecting 9 Tully to be finished by the end of 2019, the Dengs have started planning their next project, a 14-storey, mixed-use development on a recently purchased Roe Street site.
“We see this new building as another opportunity to demonstrate LKD’s point of difference in terms of product and quality so although there’s been downsizing in the development industry, we still feel we have the capacity to grow,” Mr Deng said.
“The number of apartments in the construction pipeline during the next few years means there will be a progressive shift from suburban to city living which will help the activation of Perth’s city centre and its fringe area.”
As part of their long-term growth plan for LKD, the Deng brothers work closely with their architects and travel regularly to international event fairs to stay across new innovations.
“Buyers have a strong focus on the quality of the interiors and they want developments that won’t have high maintenance costs down the line. Our core principle as a business is to look after our buyers, and providing them with good value has been a big part of our success,” Mr Deng said.