Perth will get its biggest high-density planned community to date when a long-awaited $3.8 billion development beside the Belmont Park racecourse starts.

Seven years after the public got its first look at an ambitious plan to build 4500 new apartments beside the Swan River, landowner and developer Golden Group will today confirm its future with a groundbreaking ceremony.

Golden Group managing director Andrew Sugiaputra played down the risks of high commercial vacancy rates and economic uncertainty to the project, which includes significant commercial and retail space.

Camera Icon An apartment interior and the stunning views over the Swan River. Credit: Supplied

He said sentiment in Perth’s property market “has improved quite a bit” and the wider economy was on the mend.

“I think the WA economy is on the cusp of recovery, if not already,” Mr Sugiaputra said.

Golden Group was ready to give the project the green light in 2015, he said, but decided to wait for better timing.

Part of the logic behind going ahead now is the completion of Optus Stadium and the Perth Stadium train station.

Camera Icon Many of the apartments will overlook the river. Credit: .

The development sits alongside the racecourse and opposite the stadium.

The first stage, expected to be completed in seven to eight years, will comprise 1500 new apartments and 6000sqm and 20,000sqm of retail and commercial space, respectively. There will be private jetties and a rowing club.

The entire site should take about 20 years to develop.

On Golden Group’s numbers, the project will inject more than $10 billion into the economy and generate 25,700 local jobs.

Camera Icon An artist’s impression of the Belmont Park redevelopment Credit: supplied

Mr Sugiaputra said while “SINKs (single income, no kids) and DINKs (double income, no kids)” were traditionally the main target market for apartments, the Belmont development would include considerable public open space and child care to target families, too.

For downsizers, corridors will be extra wide to make them wheelchair-friendly. “This development will be unlike anywhere else in WA,” he said.

“A curated and obtainable community dedicated to families, downsizers and young couples interested in an inner-city lifestyle — a response to Perth’s urban sprawl bringing us in line with Melbourne and Sydney.

“It is almost unheard of to find land like this, being so close to the city with beautiful waterfront views to develop on.

Camera Icon Perth will get its biggest high density community to date when a long-awaited $3.8 billion development. Credit: Supplied

“It’s an opportunity for residents to invest in what will be a once-in-a-lifetime development.” Mr Sugiaputra said he expected to see restaurants, cafes and supermarkets take up retail space.

Premier Mark McGowan welcomed what he said was a project that would continue the revitalisation of Burswood Peninsula.

“This development represents great news for the WA economy, businesses and local jobs, and demonstrates the economic optimism that is returning to WA,” he said.

Golden Group inked a deal for the development with Perth Racing in 2011.