Thursday 12 April 2007

Listed property company Devine Limited (ASX: DVN) has purchased another large tract of land for development in South-East Queensland.

The 13.35-ha site is on the corner of Yawalpah Road and Cunningham Drive North at Pimpama, which is at the northern end of the Gold Coast in the Brisbane-Gold Coast corridor.

The four adjoining blocks should yield a total of around 200 lots which, when completed, will have an end value of more than $75-Million. This will add to Devine's national development portfolio approaching $2-Billion in completed value.

Devine paid $9-Million for the strategic purchase, which is on the western side of the Pacific Motorway, close to the proposed Pimpama train station and Coomera Town Centre.

In line with the future plan for the South East Queensland Region, Coomera is evolving rapidly from an entertainment precinct into a major 21st Century residential and business community with a host of major lifestyle activities.

Devine has been particularly active in the South East Queensland/Northern Gold Coast region with estates 'Coomera Sanctuary' (100 lots), 'Edgewater' (134 lots), 'SeaGreen' (149 lots) and 'Riverwood' (101 lots) either completed or under construction.

"We are constantly evaluating potential sites suitable for larger scale integrated communities," said Devine's National Acquisition Manager Luke Hartman. "There is still plenty of opportunity in the Coomera-Pimpama region to meet the accommodation needs of a population forecast to reach 100,000 by 2025."

Devine's Queensland State Manager Scott McIntosh is hoping to gain Development Approval early next year for the Pimpama estate, where lots should average 400 square metres.

"We'll be offering a mix of three and four-bedroom single level and two-storey homes, all of which will encompass the State's new sustainable housing codes," Mr McIntosh said. "At this stage we envisage home-and-land packages will range from $310,000 to $430,000, including landscaping.

"The estate will be in keeping with the company's underlying principle of providing good quality, affordable housing that is ideal for first and second home buyers. Our buyers also include interstate 'sea-changers', empty nesters, locals trading up, as well as investors looking to take advantage of the region's healthy rental returns and prospects for capital growth."

Devine has grown into a major developer of fully integrated lifestyle housing estates in three States. "This year alone we've secured four development sites in Queensland, Victoria, and South Australia, and we're well advanced in meeting our target of having 10,000 lots under active development control by mid-2010," said Devine's National General Manager Housing & Land, Paul Nash.

"We are also forging alliances with joint venture partners. With our expertise in new home construction, marketing and home financing, we can provide solutions and add value to development projects," Mr Nash said.

Released by: Devine, 3 Westmoreland Blvd, Springwood, Queensland 4127
Contact: Scott McIntosh, Qld State Manager, on (07) 3380 2572, 0448 847 177
Luke Hartman, National Acquisitions Manager, on 0437 633 775
Paul Nash, National GM Housing & Land, on 0439 730 424
Prepared by: Barry Hyland of PR Plus, Level 1, 272 Pacific Hwy, Crows Nest 2065 on
Ph: (02) 9439 9191, Fax: (02) 9439 9190. pluspr@ozemail.com.au