The Suburban Land Agency has now taken over the long-awaited project almost five years after Geocon secured the tender for the site.

But the Canberra developer's focus has now turned to the Wova development, a 797-apartment mixed-use precinct on the corner of Melrose Drive and Launceston Street in Woden.

A sod-turning ceremony was held on Monday to officially mark the start of works on the site, which was formerly home to the Woden Tradies Club and a hotel.

Mr Georgalis said the development comes at a critical time for the Canberra property market. He said rising property and rental prices seen throughout 2021 are "just a warm up" for what next year, and the return of international students and migration, will bring.

"People do not know what's going to hit the property market next year," he said.

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Mr Georgalis said 400 of Wova's first release of 500 apartments have already sold, with the final stage to be released in 2022.

The first residents are expected to move in from mid-2023.

Buyers have been a 50-50 mix of investors and owner-occupiers, including first home buyers looking to get a foot in the door. One-bedroom apartments at Wova start at $330,000, while two-bedroom apartments start at $450,000.

"I don't believe you'd be able to buy a house for under $1 million anywhere in Canberra ... in comparison, these are more affordable and lower than any rent they can afford to pay at the moment," Mr Georgalis said.

On the recent issue of off-the-plan property contracts being cancelled by a Canberra developer, Mr Georgalis said Geocon has a "robust contract process" that ensures each apartment will be delivered.

"We've got a 100 per cent track record for always delivering every apartment and never pulling out of it. Sometimes we have delays in projects, but we in fact write to most of our purchasers and advise them and actually adjust the contract accordingly to suit those delays," he said.

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"Brand is everything in delivering these types of projects. It gives people that certainty to buy off-the-plan because they know they can trust we'll get it delivered."

Once complete, the four Wova towers will also house a 40-room Abode hotel with a range of amenities including an indoor swimming pool, rooftop lounge, private cinema, restaurants and a small supermarket.

Despite losing the Kingston Arts Precinct contract, Mr Georgalis said the company is in a good place.

"All our projects across Canberra are selling out, we've in fact had the three best months ever in the history of our company," he said.

Mr Georgalis said Geocon's four-storey commercial project in Kingston is going ahead and is currently in development application stage.

"Hopefully that gets approved later this year, early next year," he said.

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