Pindan will build TRG Properties’ Marina Edge project in Port Coogee, after the previous contractor, Diploma Group, pulled out of the development.
Diploma Group announced to the ASX today that its construction division, Diploma Construction, would not proceed with the project, after being appointed in April last year under a deal worth $38 million.
However, TRG Properties managing director Simon Trevisan said there would be no delay in the luxury beachfront project, which was designed by local architecture firm Cameron Chisholm Nicol.
“TRG Properties had a heads of agreement with Diploma on Marina Edge, but was unable to conclude the final contract on the development,” Mr Trevisan told Business News.
“Pindan has now been appointed as the builder on this project, and construction is expected to commence shortly.”
Business News understands Diploma Construction will continue works on TRG Properties’ Empire and Podium projects in Perry Lakes.
Last week, Diploma Group announced to the ASX that it was seeking to de-list from the bourse and revert to being a privately-owned company.
On Friday, the company formally launched a $7 million bid to buy out its shareholders, at a price of 1.5 cents per share.
Diploma listed on the ASX in 2007, at an issue price of 50 cents per share, while its top four shareholders are all entities which have an association with the company founders, the Di Latte family.
