Doma say they have received approval for 136 apartments, that span across six buildings. It comes as civil works will be completed soon on the $260 million development, dubbed "The Parks Residences".

Doma senior development manager David Jameson said construction would start on the apartments in 2021.

"With civil works being completed the many central parks around which the homes are set [will] take shape before the end of the year," he said.

Doma purchased the former public housing site in June 2018 with Sydney-based developer Stockland. The consortium paid the ACT government more than $50 million for the site.

Altogether, there will be 244 dwellings on the 5.3-hectare site. Doma will develop the units and Stockland is set to develop 83 townhouses and 25 land lots.

Works on the site were stalled early last year after discovery of asbestos brought the project to a halt. Remediation works took place over a number of months but these have been completed.

Doma submitted a development application for the 136 apartments in September last year, properties in the development have been for sale since then.

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Selling agent, Colliers International director of projects and land marketing Josh Reid said the development meant some buyers were able to get a foothold in Red Hill where they could not previously.

"Previously, people may have thought they were priced out of Red Hill or didn't want a large older home on a big block, which is the traditional housing in this area. The Parks is changing all that and offering people new choices for a luxury home in an outstanding location," he said.

The apartments are set to be completed in mid-2022.