Developer is committed to WA

PROPERTY developer Australand Holdings Limited will continue to be a major investor in the WA property market, according to WA general manager Nick Perrignon.

Despite uncertainties about GST and a slowdown in the residential property market, Australand recorded sales of almost $50 million in WA, up $28 million on the same period last year, representing more than 10 per cent of the company’s national sales.

Nationally, Australand recorded a $455.8 million operating profit for the six months to June 30 – a 14 per cent increase.

Australand expects to increase its activity in WA during the next 12 months by investing a further $25 million in land acquisitions during the remainder of the year.

“Australand, in WA, hasperformed very well over the last six months, particularly the medium density division which recorded sales of $29 million to June 30 and is expecting a further 150 apartments to come on stream between now and December,” Mr Perrignon said.

The company forecasts sales of $35 million for the rest of year.

“We have a number of exceptional projects including The Brighton in North Fremantle where only six apartments remain for sale and Mayfair Apartments in West Perth which is due to start construction next month with 40 unconditional sales contracts in place out of the 59 apartments available.”

“Similarly, our Maddison 167 development at Joondalup saw 60 out of the 97 apartments available sold in just 16 weeks.”

The Maltings in Northbridge has also done well with stages one, two and three sold and 25 per cent of the high rise Kingsford Manor stage four sold in only a few months.

Mr Perrignon said that, in addition to strong performance in its medium density division, Australand’s traditional land division had also continued to perform well, with sales of $20 million to June 30.

Several key projects contributed to the result including MontClair Rise in Dianella and The Willows at Lake Karrinyup.

The public company’s main focus during the next 12 months will be to bring its Anchorage project at Rockingham on stream and to consolidate a number of proposed new land purchases in the northern and southern suburbs.