Saturday, February 26, 2011

Devine Half Year Results

Extracts from presentation to investors:

  • Strong market response to Hamilton Harbour project with third tower sales progressing well
  • Hamilton Harbour (Towers One & Two) construction advancing well, with construction of third tower targeted for mid-2011 commencement
  • Hamilton Harbour has continued to attract strong sales and enquiry with: - 92% of apartments in the first two stages at unconditional contract status, and 49% of Stage 3 now sold and unconditional
  • Hamilton Harbour Tower One is progressing well with structural cycles completing verticals up to floor 14 and slabs up to floor 12
  • Tower Two is close to entering structural cycles which will see the structure advance noticeably from this point in the coming months
  • First apartments expected to be completed by December 2011
  • New opportunity secured; 107 apartment project in Teneriffe, Brisbane CBD fringe (Commercial Road - 107 apartments (1 and 2 bedroom only), marketing to commence in second half of 2011)
  • New project signals Devine’s ability to apply high density residential capabilities to mid-scale, medium density opportunities

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