14/12/2004 - 21:00

Doric, LandCorp in Mandurah JV

14/12/2004 - 21:00


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Doric, LandCorp in Mandurah JV

DORIC Constructions and LandCorp have entered a joint venture agreement to build a residential complex in LandCorp’s Mandurah Ocean Marina development.

Under the joint venture, 10 residential units will be created in a three-storey complex, and Doric will not pay for the land up front.

LandCorp’s profit will come from taking a portion of the sale price once construction is complete. The venture will represent an investment of about $8 million.

Doric property construction executive Keith Somers said the ability to develop the land and not pay for it until settlement with a purchaser was a major advantage of the arrangement.

He said the apartments were expected to sell for about $900,000.

LandCorp general manager operations Mike Moloney said the joint venture allowed LandCorp to tap in to the expertise of the private sector and bring enhanced returns to the State. Off-the-plan marketing will begin shortly and construction is expected to be completed by the second half of 2005.


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