Diploma wins $40m Perry Lakes contracts

Diploma Group has bolstered its order book, securing agreements worth a total of $40 million for the construction of TRG Properties' Empire apartment development at Perry Lakes.

The $90 million project will comprise 123 one, two and three-bedroom luxury apartments over two stages.

Diploma has signed binding heads of agreement to build 27 apartments at Empire East and 96 apartments at the adjacent Empire West, with construction expected to begin before the end of January next year.

Both agreements are subject to sufficient presales being secured in the development.

It’s expected formal contracts will be signed within six months.

Diploma was last month awarded three contracts worth a total of $66 million for the construction of residential and commercial developments in the Perth metropolitan area.

The contracts include a binding heads of agremeent to build 109 apartments at TRG Properties' Marina Edge development in Port Coogee, in a deal worth $38 million.

Diploma is also currently building TRG Properties' smaller Podium apartment development, also located at Perry Lakes.

Diploma shares were trading half a cent higher at 4 cents at 11:33am WST.