ASX Company News: Diploma Group Secures Two Significant Construction Contracts

April 17th, 2012Jeff

Leading Western Australian construction company Diploma Group (DGX) confirm the award of two significant contracts worth a total of $55 million. The projects include a $20 million contract for the construction of Move apartments in South Beach for boutique developer Match and a $35m appointment for long term client TRG Properties in Port Coogee.

A formal contract has been executed with Match Properties for the construction of 107 apartments over three levels in South Beach Fremantle. The award of this contract, which commences within 4 weeks, follows the award of the Summer Apartment contract for Match, also in South Beach, which is scheduled for Practical Completion in June 2012. The project is expected to run for 59 weeks with completion in June 2013.

A Binding Heads of Agreement (HOA) has been executed with a subsidiary of TRG Properties for the award of a contract to construct 101 apartments in the recently established Port Coogee marina precinct. Designed by architects Cameron Chisholm and Nicol, the building will consist of 1, 2 & 3 bedroom apartments over 7 levels and have panoramic views of the ocean. The Binding HOA is subject to sufficient presales being secured in the development with construction anticipated to commence in September 2012. The contract duration is anticipated to extend for 17 months.

Commenting on the award of both contracts, Diploma Group CEO Nick Di Latte said “we are delighted to have been appointed as head contractor by both Match & TRG Properties on these exciting projects. The Move project will be our fifth for the Match Group and follows the successful completion in December 2011 of Stage 1 of Fort Knox redevelopment in Fremantle for Match.”

“We are equally pleased to have been appointed by TRG to construct Ocean Edge, in what will be our sixth project for this client. The confidence shown by our clients in awarding us these contracts, are a strong endorsement of our reputation for the construction of quality buildings in Western Australia, and as a business we are particularly proud of.”

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