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Diploma Signs Pier St Agreement

Diploma Group announced it has executed the Development Management Agreement with the Government of Western Australia’s Department of Housing and Works for the $80m redevelopment of the State Government owned Pier Street property in Northbridge, on the fringe of the Perth CBD. Diploma was selected as the preferred proponent in January this year and has finalised details of the agreement for the project, which upon completion will include 140 apartments over 12 levels with approximately 550m2 of commercial space. Diploma will undertake the development management and construction of the project, with its in house real estate arm Allegro Realty undertaking the marketing and sales. The successful negotiation of this project further highlights the Group’s strength and appeal of its vertically integrated business model. Nick Di Latte, Diploma Chief Executive, acknowledges this is an important milestone for the project. ‘Diploma is pleased to have executed the Development Management Agreement which formalises our opportunity to work in partnership with the WA State Government to deliver a quality development for the City of Perth,’ said Mr Di Latte. ‘In the past two years Diploma has worked towards contributing four large scale residential developments in the Perth CBD accounting for over 600 apartments with a further 580 apartments at various stages of completion. ‘Pier Street will provide another great opportunity for us to showcase our expertise at delivering affordable, quality apartments,’ Mr Di Latte continued. Work is expected to commence on site in March 2011 with completion scheduled in late 2012