Watpac Limited (ASX:WTP)
has announced it has been awarded the contract to build a new $61 million retirement community for Australian Unity.
The project is located in South Melbourne and will consist of a 18-level residential tower comprised of 83 retirement units.
Work will commence in January 2017, with completion scheduled for October 2018.
The new contract adds to almost $3 billion of work currently underway for Watpac across Australia.
Watpac Limited reported a net loss of $21.4 million at 30 June 2016.