Japanese conglomerate Tokyu Corporation and its Australian subsidiary Yanchep Sun City Pty Ltd signed a Strategic Cooperation Agreement with the Western Australian Government today.

The Strategic Cooperation Agreement paves the way for Tokyu to begin feasibility to develop its 5000 hectare land holding in the St Andrews Region that surrounds the townships of Yanchep and Two Rocks, 50 kilometres north of Perth city.

The State Government identified Tokyu’s land holding, which is the biggest single land holding in any metropolitan capital city in Australia, for future housing needs of the metropolitan area 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.

The key concept will be the implementation of a unique employment project which will be 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 stage of planning. The Tokyu Corporation has provided funds for the first feasibility workshop. The project also includes a three-year study which will incorporate visiting similar employment projects in other parts of the world.

The Premier Richard Court and Chairman and President of the Tokyu Corporation Mr Shinobu Shimizu were the head signatories to the St Andrews Strategic Cooperation Agreement which was signed at Parliament House at 12 noon today.

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 tremendous result for the people of Western Australia," the Premier said.

"Tokyu is one of the most experienced and successful property developers in the world whose track record and resources are second to none.

"We are indeed fortunate that after identifying the need to find land for future housing we had a company the calibre of Tokyu, who owns the biggest single land holding in any metropolitan capital city in Australian, ready to be part of our housing expansion 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.

"Added to that is the creation of the unique and exciting IDEA Project which is designed to create up to 60,000 jobs in the St Andrews Region as the development progresses, thus drastically reducing the need for people to travel long distances for employment."

The Premier said that it was anticipated that the business revenue added to the State economy from the development would be $9 Billion per annum.

"The IDEA Project has the potential to generate $3 Billion in salaries and wages per annum," he added.

Mr Shimizu said that the signing of the St Andrews Strategic Cooperation Agreement was a major milestone in Tokyu’s history.

"I would like to commend the Western Australian Government for the most significant contribution it has made to bring this Agreement to fruition," Mr Shimizu said.

"I also would like to acknowledge Tokyu’s Australian subsidiary Yanchep Sun City Pty Ltd and its Managing Director Mr Akihito Ikeda for their outstanding efforts in bringing to fruition this worthwhile agreement.

"Tokyu Corporation has created its reputation on successfully creating harmonious communities on land of this size and bigger all over the world.

"We at Tokyu are putting all our energy into achieving our goal of creating a sound, healthy and beautiful living environment that moves the spirit. We want to play our part in building a harmonious and compassionate society where each individual can live a happy and fulfilling life.

"This will be our objective for the future development at St Andrews."

Mr Ikeda, the Managing Director of Yanchep Sun City, said:

"On behalf of my company Yanchep Sun City I would also like to acknowledge members of my staff for their contribution.

"Together we have created a wonderful team spirit with the State Government, particularly with the Minister for Planning Graham Kierath and his officers.

"We are very excited about our plans for St Andrews and the great benefits the future development will bring to the State’s standard of living and its economy.

"The benefits will also flow to the people who currently live at Yanchep and Two Rocks and, in the future, to those who will move there to enjoy what we plan to be a beautiful living environment."

Mr Ansell commented: "The City of Wanneroo has a significant role to play in ensuring that planning matters are expedited with appropriate compliance with Town Planning and environmental controls.

"The City is also responsible for ensuring that the community is consulted and given the opportunity to comment on any plans."

RELEASED BY TOKYU CORPORATION/YANCHEP SUN CITY THROUGH ACCLAIM COMMUNICATIONS

For further information, contact Andrew Carew-Reid on 61 8 9321 9988 or 0418 946899.