Shares of Watpac Limited (ASX:WTP) Up on AUD257m Ryde Garden Contract

AUSTRALIA – Shares of Watpac Limited (ASX:WTP) slightly gained in early trading at the Australian Stock Exchange today after the company announced that it was appointed as preferred contractor for AUD257 million Ryde Garden Residential Development Contract.

In a disclosure, Watpac Limited (ASX:WTP) said it has been appointed as preferred contractor by Chinese developer, Country Garden Australia, to deliver a AUD257 million contract for the Ryde Garden residential development at North Ryde, 15 kilometers north west of the Sydney central business district.

A letter of intent has been executed by the parties.

“The group is currently working with Country Garden Australia to finalise the contract with a formal signing expected in the coming weeks,” Watpac said.

Project Details

The development, designed by architects Bates Smart, will feature 830 residential apartments, basement parking for 739 cars, 2,100 sq m of public park, roof top gardens and a communal pool, a 1,100 square meter of non-residential floor space including retail space, gymnasium and an area dedicated for a further child care centre.

The main component of the construction works will commence in early 2016, with completion expected in mid-2018.

At the Australian Stock Exchange, shares of Watpac Limited (AUX:WTP) gained 2.273 percent in morning trading to trade at 0.900 apiece.

Watpac Limited’s stock was down 4.248 percent on Monday’s close.

Established in 1983, Watpac (ASX: WTP) is a leading national construction and civil and mining services company listed on the Australian Securities Exchange. – BusinessNewsAsia.com

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