DEVINE ANNOUNCES NEW DEVELOPMENTS

Written on the 14 August 2013

DEVINE ANNOUNCES NEW DEVELOPMENTS

RESIDENTIAL developer Devine Limited (ASX: DVN) is pushing into new territories, today announcing plans to build a new apartment development in Parramatta, Sydney.

The Brisbane-based company also announced plans to build an $80-million residential building on a 1919sqm site in Wyandra Street, in the sought-after Brisbane riverside suburb, Newstead.

The 11-storey development will feature 157 one- and two- bedroom apartments and follows on from similar DVN projects in Brisbane suburbs Hamilton Harbour and Teneriffe. Apartments will reportedly be priced from as little as $400,000 with the project expected to launch to market late this year and contribute to earnings in 2015.

In Parramatta, DVN is proposing to build a $180-million staged development with up to 350 apartments spread across a number of multi-storey buildings as a 2.25ha site in Morton Street, with an existing joint venture party. The project is expected launch in January 2015.

DVN managing director David Keir says both developments reinforce the company as a leading developer of large-scale apartment developments.

“The Wyandra Street development is set to be one of Brisbane’s most sought-after apartment developments as it allows buyers to purchase affordable apartments in one of Brisbane’s best entertainment and lifestyle precincts,” he says.

“Morton Street will allow us to establish a local operations team and, with the multiple stages in the development, to develop a pipeline of apartment stock for sale in New South Wales.”

DVN reported a total revenue from operations of $311.1 million in FY13 compared to $313.9 million in FY12. The company reported a statutory net loss after tax of $0.6 million after impairments compared to a loss of $12.9 million in FY12.

Following the announcement, DVN shares fell slightly to 78 cents from 79 cents at the previous day’s close.


Latest News

GUVERA ESCAPES WIND-UP ORDER

GUVERA has avoided being wound up after a claim for a $1.78 million debt by Kwong Properties was dismissed at the ...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

WESFARMERS' COAL BUSINESS ON FIRE

WESFARMERS (ASX: WES) has lifted its first-half profit guidance due to surging coal prices and higher than expected c...

SIXTH CONSECUTIVE RECORD PROFIT FOR AP EAGERS

AP EAGERS (ASX: APE) will beat guidance with its sixth-consecutive record profit when it reports its full year result...

Related News

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter