19/12/2007 - 22:00

Diploma builds on $95m portfolio

19/12/2007 - 22:00

Bookmark

Save articles for future reference.

Construction and property development company, Diploma Group Ltd, has announced its fourth new contract in the past month, collectively worth nearly $95 million.

Construction and property development company, Diploma Group Ltd, has announced its fourth new contract in the past month, collectively worth nearly $95 million.

Diploma, which recently listed on the Australian Securities Exchange, said this week it had been awarded a $35 million contract for the design and construction of the Durack 2 office building at the corner of Terrace Road and Victoria Avenue in the city.

The project is being developed by Stockland and will be the first building in Perth to have a five-star greenhouse rating, Diploma said.

The Durack contract follows the awarding of three residential apartment projects.

Diploma successfully tendered for the 42-level Qubis Apartments project, located at 403 Newcastle Street in Northbridge.

Qubis is being developed by Paradigm Development Studio and the construction contract is valued at about $10 million.

Another recent win was Diploma’s joint venture development of a 24-level residential tower consisting of 112 apartments at 101 Murray Street, adjacent to Cinema City in the Perth CBD.

The Zenith project, being developed with the current land owner, is expected to generate end sales of $80 million.

As well as being the joint venture developer, Diploma has been awarded a $43 million contract for construction of the tower.

Diploma managing director Nick Di Latte said the company was particularly pleased to have secured the joint venture development.

“A development of this nature certainly complements our portfolio of residential developments currently being undertaken in the Perth CBD by the group,” Mr Di Latte said.

“Both contracts are important to us but the Zenith Apartment project is especially pleasing because it’s a joint venture, effectively providing work for both divisions of the company, property and construction.”

Diploma’s fourth recent win was a $6 million forward works contract on the 32-storey Altus apartment building in East Perth.

Altus is being developed by Saville Australia, which also developed the $1.2 billion Capital Square Centre in the Perth CBD.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options