Devine Makes a Killing at Hamilton Harbour

"Devine reported the sales success at Hamilton Harbour as one of the highlights of its financial year as it reported an underlying profit after tax of $11.1 million but a statutory after tax loss of $12.9 million.

Devine says 90% of total apartments in the two Hamilton Harbour towers have now been settled.  Construction of both towers is now complete with a third tower now under construction.  There are 13 apartments available for purchase in tower one and 31 available in tower two.

Devine says the inner-Brisbane market, the focus of more than 40 apartment projects by a variety of developers, is now stable after a “prolonged period of weakness” with successive quarters of good volume sales.

The Hamilton Harbour precinct located between Racecourse Road and the Brisbane River in Hamilton is a joint venture between Devine and Leighton Properties with one-bedroom apartments starting at $425,000.  Devine says price is continuing to drive the majority of sales with 70% of unconditional sales under $550,000.

Devine expects Tower three settlements to commence prior to December 2012 and contribute to current year earnings with almost 70% of this tower contracted."

Extract from Property Observer article