The first contracts to build apartments and three-storey townhouses in the $1 billion Bowden development have been signed with construction set to start by the end of the year.

ACDEV Pty Ltd, Rossdale Homes, Scott Salisbury Homes and Rivergum Homes have been announced as the first four successful developers.

It follows a three-month process by the Urban Renewal Authority (URA) and the Bowden Design Review Panel to ensure the highest architectural standards are met.

Housing and Urban Development Minister Patrick Conlon said today marked a major step in the delivery of the Bowden project – and for the newly-created URA.

“The quality and quantity of offers we received from the industry was fantastic and these four preferred developers excelled with their combined design expertise, development experience and reputation,” he said.

“We have taken significant steps to ensure that Bowden is the best development it can be to show buyers and also the property sector the benefits of higher-density living.”

ACDEV Pty Ltd and Rossdale Homes were the successful purchasers of the first serviced ‘super lots’ on Seventh Street and will each build three-storey apartment complexes, while Scott Salisbury Homes and Rivergum Homes have secured serviced lots on Sixth Street to build three-storey terrace homes.

Design plans will be revealed to the public from October 2012 when off-the-plan sales opportunities are officially released to the market.

The developers will continue to be guided by the six-member Bowden Design Review Panel, which consists of top local architects under the chairmanship of renowned Sydney architect Keith Cottier AM.

Purchases under $500,000 will receive the benefit of the State Government’s full stamp duty exemption for apartments within the Adelaide City Council and Riverbank Precinct.

URA Chief Executive, Fred Hansen said buyers can expect excellent designs from the four selected developers.

“Under the guidance of the Bowden Design Review Panel, the developers will be required to adhere to a robust set of design guidelines, created specifically for the project to ensure consistent and high-quality benchmarks are met,” he said.

“This is the first step in an ambitious program. We will work with the development industry through each stage to design new ways of showcasing higher-density living, in particular as the project moves towards incorporating retail and public spaces.”

The next residential land release as part of Stage 1 will be released to the industry around August, with purchaser submissions to again be assessed and guided by the URA and Bowden Design Review Panel.

The Bowden development spans 16 hectares and is South Australia’s first large-scale, higher-density urban development.

More than 2,400 homes will ultimately be built with approximately 3,500 new residents over 15 years, including opportunities for businesses to operate in a vibrant, walkable community close to the city.

All enquiries regarding future off-the-plan sales or land releases should be directed to Sales Manager Georgie Taarnby on 1800 269 336 or by visiting the new Bowden Information & Sales Centre on Park Terrace, which is open seven days from 10am-4pm.