Diploma Group has received development approval for a $24 million serviced apartment complex to be built in Rockingham.
Diploma announced today it had secured approval for a seven-storey, 48-dwelling Quest Serviced Apartments complex on Flinders Lane, with Quest taking on a proposed 10-year lease.
Chief executive Nick Di Latte said the agreement was the first in a series of proposed Quest developments to be announced in coming months.
"Quest Rockingham will combine a quality serviced apartment offering with Rockingham's relaxed, holiday atmosphere," Mr Di Latte said.
"The project received strong support from the City of Rockingham during the approval phase."
Construction is expected to being in early 2013, with completion scheduled for the end of the year.
At close of trade today, Diploma shares were down 12.7 per cent, trading at 4.8 cents.