Megara finishes 98-dwelling Serai project in North Fremantle
The seven-storey build, outside the Perth CBD, was already approaching 90 per cent sold at its June launch, with four-bedroom townhouses priced from $2.99m.
Boutique Perth developer Megara has reached construction completion on Serai, its 98-dwelling project on McCabe Street in North Fremantle, with real estate platform apartments.com.au confirming the finished build in a post on 21 October 2026. The seven-storey project, comprising 87 apartments and 11 townhouses, sits outside the Perth CBD on a hill between the Swan River and the Indian Ocean, and buyers had already begun moving into early-handover units from August.
Why it matters
A boutique developer finishing a 98-dwelling project in an established inner suburb, rather than a greenfield or CBD site, is a signal for other builders eyeing infill sites along the river corridor. Director Jamie Clarke said the uptake came mostly from a specific buyer pool. “We’ve seen strong uptake because our market is predominantly downsizers, and local downsizers,” Clarke said of the sales campaign. For developers and agents assessing North Fremantle and similar river-adjacent suburbs, a near-sold-out boutique project completing on schedule is a data point on absorption rates for medium-density stock outside the CBD, distinct from the broader established-home market, where 20,000 Perth homes are now valued below what owners paid, according to analyst Gavin Hegney.
The project also tests pricing at the top of the North Fremantle apartment market. Two-bedroom apartments were listed from $1,495,000, three-bedroom dwellings from $1,995,000, four-bedroom townhouses from $2.99 million, and a penthouse collection from $3.95 million, giving other operators in the precinct a current benchmark for what premium river and ocean-view stock can carry. Those prices sit well above the typical North Fremantle unit, so Serai’s result tells other boutique operators more about appetite for a tightly held, owner-occupier-heavy precinct than about the mainstream apartment market.
The numbers
A June 2026 report put the project at nearly 90 per cent sold with one-bedroom units already gone, selling chiefly to owner-occupier downsizers rather than investors. That figure predates completion and has not been independently updated since, so it is reported here as a launch-stage snapshot rather than a current sales rate. The confirmed physical scope is 98 dwellings across seven storeys, split 87 apartments and 11 townhouses, a figure this report verified against an earlier 2022 pre-construction report that had cited 105 units across two residence buildings plus townhouses, a count since superseded by the completed build.
Serai’s completion lands as RLB’s Q3 2026 index counted 48 cranes across Perth, 27 of them on residential sites, so more medium-density stock is still coming.
No development application value, construction cost or contractor name was available in the material reviewed for this report, so none of those figures appear here.
What’s next
With Serai’s build finished and most stock already under contract, Megara’s near-term task is settling the remaining handovers rather than further sales. For the wider North Fremantle precinct, a completed, heavily pre-sold boutique project gives other developers a recent comparable for feasibility on nearby infill sites, at a time when the broader Perth established-dwelling market shows pockets of stress, including the roughly 13,000 owners Hegney’s analysis places in outright negative equity. Buyers who have not yet settled, and any remaining unsold stock, are the parts of the project to watch as the final units change hands.