QUEENSLAND based Devine Limited has purchased a 107-unit apartment complex in the fringe Brisbane suburb of Teneriffe, and a 22 hectare standard residential development site in Melton, in Melbourne’s outer west.
Marketing for both projects is expected to start this year, according to Devine managing director David Keir who released the company’s financials last week.
“Over the last 12 months we’ve secured around 5000 allotments of apartments,” Mr Keir said, adding the developer “will continue to acquire new opportunities as they arise. We are looking at both regional centres, such as Gladstone in Queensland, and capital cities.”
Devine reported a $9.5 million profit for the year, up from $1.2 million it achieved for the second half of 2009.