Watpac Limited
(ASX:WTP) has announced it has been awarded a $47 million contract to build an inner-city residential tower in Melbourne.
Property Developer JSK Properties is behind the development, with the new tower to be located on Little Lonsdale Street in the heart of the CBD.
Known as Union Tower, the development will rise to 35 stories and consist of 165 one and two bedroom apartments.
Construction will commence in July 2016, with JSK’s Managing Director Johnny Wong indicating that to-date 98 percent of the units have been sold.
Watpac Limited reported a net loss of $25.3 million at 31 December 2015.
