Perth Shopping Centre’s Boom – $5 billion upgrades by 2020
- AMP capitals Karrinyup is undergoing a $500 million expansion including additional supermarkets, cinema complex and high end residential apartments.
- $750 million spent at AMP’s Garden city expanding it from 75,000 SQM to 120,000 SQM
- $350 million redevelopment of Westfield Carousel
- $600 million at Innaloo nearly doubling the size of the existing centre.
Property analysis firm Y research estimated over 45,000 jobs will be created during the construction phase.
With construction prices, including labour and materials cheaper than during the mining boom and historically low borrowing costs AMP and Westfield are taking full advantage.