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.