The Australis development at Rossmoyne Waters, 14km south of the Perth CBD, will now go ahead after being approved in December.
The redevelopment will see the existing 76-unit retirement village, which was built in 1963, transformed with 86 new apartments and communal facilities including a lawn bowls green and café. 14 of the existing units will be demolished to make way for the new building.
Over 50% of the units, which are priced from $475,000 to $920,000, have already sold including the penthouse.