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Menzies beats forecastp

PROPERTY developer Menzies Court has exceeded its own forecast to announce a before-tax profit of $10.2 million for the 1999-2000 financial year.

According to executive director Ross Neumann, the 218 lots sold – 28 more than predicted – are believed to be the most sales written by any land estate developer in WA.

Demand for property at the multi-staged ocean, channel and canal development, covering 274 hectares of land fronting the Indian Ocean and the Dawesville Channel, caused the company’s asset value to increase $15 million during the year to about $80 million.

Mr Neumann said the strong sales and profit figures were encouraging.

“While the impending introduction of the GST and various interest rate rises appear to have depressed some areas of the market, those factors had little effect on the Port Bouvard project,” he said.

“We remain cautiously optimistic that we will exceed last year’s results in this financial year.”

Bouvard Island, in Northport, the first of three Port Bouvard precincts, was launched in June. Construction of the first 17 of 89 villas will start in November and are scheduled to be completed by August.

Mr Neumann said Port Bouvard’s success had enabled the company to proceed earlier with its plans for the 54-hectare Stirling Lakes Estate, bordered by Karrinyup Road and the Mitchell Freeway.

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