Construction of the first stage of the $500 million WACA redevelopment project was expected to start in February as planned, the developer, Ascot Capital, said yesterday.
It said a report in The West Australian on Tuesday that the project was likely to fold was false.
"WACA and Ascot are proceeding with the Gardens Apartments development, subject only to the finalisation of financing and the building contract, which are normal conditions to any off-the-plan apartment development," the company said yesterday.
"Bank finance is in the final stages of negotiation with three major Australian banks.
"As is normal practice, one of the conditions to the financing is achieving pre-sales targets."
Ascot said it had achieved strong pre-sales and would re-launch its marketing campaign at the start of this cricket season.
"Neither Ascot nor WACA foresees any problems with meeting the conditions to the financing," it said. "Ascot and WACA have identified a preferred contractor, which has submitted a contract price which is within a range that is acceptable to WACA and Ascot.
"The project team is working on finalising the contract."
The company said the Gardens Apartments development would take about 18 months.
It said it remained committed to the project and had been unwavering in its support for it.
WACA chief executive Christina Matthews agreed with Ascot.
"We're still happy for the process to go ahead," she said.
"Stage one is still on the drawing board and proceeding, pending the normal processes."