Agreement between WA Government & Japanese foreshadows large residential land development in WA [Visual]

19/7/99

An agreement today between the State Government and Japanese conglomerate Tokyu Corporation foreshadows the largest single residential land development in Western Australian history.
Tokyu Corporation and its Australian subsidiary, Yanchep Sun City Pty Ltd, have signed a Strategic Co-operation Agreement with the Western Australian Government.
The agreement paves the way for Tokyu to begin feasibility to develop its 5,000 ha land holding at St Andrews that surrounds the townships of Yanchep and Two Rocks, 50 kilometres north of Perth.
The State Government identified Tokyu's land holding, which is the biggest single holding in any metropolitan capital city in Australia, for future housing in its Metroplan and North-West Structure Plan in the early 1990s.
Ultimate property development worth $12 billion will produce 55,000 homes for 150,000 people over the next 25-30 years. This represents 13 per cent of the State's future housing requirements.
In an Australian first, the implementation will include a unique employment project designed to create up to 60,000 jobs in the St Andrews region.
This enterprising economic/employment feasibility project is called IDEA (Innovation Development Employment Application).
It is the first time that an urban development in Australia will have an employment/economic development strategy as its driving force in place at this early stage of planning. Tokyu Corporation has provided funds for the first feasibility workshop and it will also include an examination of world trends in this scale of development.
Premier Richard Court and Chairman and President of Tokyu Corporation, Mr Shinobu Shimizu, were the head signatories to the St Andrews Strategic Co-operation Agreement signed at a special ceremony at Parliament House.
The other signatories to the agreement were Yanchep Sun City Pty Ltd Managing Director Mr Akihito Ikeda, Chairman of Commissioners for the City of Wanneroo, Mr Campbell Ansell, and WA Planning Commission Chairman
Mr Simon Holthouse.
"The agreement between Tokyu Corporation and the State Government is a significant step forward in ensuring that the people of Perth will continue to enjoy a standard of housing which is amongst the best in the world," the Premier said.
"Tokyu is one of the most experienced and successful property developers in the world with a track record and resources that are second to none.
"As the owner of the biggest single land holding in the metropolitan area we are delighted that Tokyu has shown such a strong commitment to the co-ordinated supply of Perth's future residential land requirements."
The State Government, through the Ministry for Planning and the City of Wanneroo, have been working closely with Tokyu to bring this important agreement to fruition.
The Premier said that it was anticipated that the annual business revenue added to the State economy from the development would be $9 billion and forecasts show that the IDEA project could generate $3 billion in salaries and wages each year.
Mr Shimizu said the agreement signed with the State of Western Australia and the City of Wanneroo was extremely significant for the future development of the Yanchep area.
"Since we purchased the property the world and Australian economies have undergone significant change, yet we have always maintained a long term perspective and commitment to the Yanchep area," Mr Shimizu said.
"In 1995 we signed the Memorandum of Understanding with Western Australia and with your solid support we have since carried out such activities as boundary rationalisation and land exchanges which have led to the creation of significant open space areas, and important infrastructure improvements.
"These initiatives which are based upon the Memorandum of Understanding are nearing their completion. It is all the more pleasing to see our new co-operative relationship with WA develop towards a greater future for the Yanchep region in the 21st century.
"As a major community builder Tokyu believes that the best way to achieve this value is through the creation of high-quality and environmentally responsible urban designs in order that people can live in harmony with nature. We believe that this will happen at Yanchep."
Media Contact: Bronwyn Hillman 9222 9475



Yanchep Sun City Pty Ltd Managing Director Mr Akihito Ikeda (left); Chairman and President of Tokyu Corporation, Mr Shinobu Shimizu; Premier Richard Court; Chairman of Commissioners for the City of Wanneroo, Mr Campbell Ansell and Western Australian Planning Commission Chairman, Mr Simon Holthouse sign the agreement at Parliament House.