Watpac Ltd (ASX:WTP) announced this morning that it has signed a $95 million contract with JGL Properties to construct Stage 1 and Stage 2 of the Newstead Series residential project in Brisbane.
The Newstead Series development will include a total of 300 apartment and town homes across four boutique towers – The Carlyle, The Donaldson, The Ajax and The Koerstz – named after Australia’s famous wool presses, a nod to the area’s rich industrial heritage, while creating a new benchmark for Brisbane living.
The buildings will be brought together by an expansive half an acre of landscaped gardens and amenities including a 25 metre lap pool and spa, sauna, gymnasium, alfresco dining areas, fire pit, outdoor cinema, recreational lawns and exercise spaces.
Watpac MD, Martin Monro commented, “The Newstead Series will bring about a new level of luxury living for this bustling inner city precinct and we are proud to be working with JGL Properties to deliver what will be a stand-out residential development for the Brisbane market.”
With construction due to commence in late 2015, John Livingstone form JGL Properties said the development’s direct connectivity to the Brisbane River and Newstead’s acclaimed dinging lifestyle precinct has made it a sought after address.
The project is scheduled for completion in the second quarter of 2017 and is expected to have a peak workforce of more than 250 people during construction.
Over the last 12 months, Watpac’s share price has traded between $10 and $6.90. The company reached a 12 month peak in September last year due to securing the Healthscope hospital contract, however experienced declines until late February this year. Following the low in February the company secured several lucrative contracts, and as a result investors have come knocking.
Author: Ben Visser
Jul 30, 2015
Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.