DEVINE ANNOUNCES NEW DEVELOPMENTS

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.

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

Lendlease gains approval for $1.7b transformation of Queen Victoria Market precinct

Lendlease gains approval for $1.7b transformation of Queen Victoria Market precinct

Australian development giant Lendlease Group (ASX: LLC) has been gr...