Watpac Limited
(ASX:WTP) has started working on a 4.5 star boutique hotel in Adelaide called the Mayfair Hotel.
The property development group says the $32 million redevelopment of the King William Street building is expected to be finished by the end of next year.
The contract expands Watpac’s construction business in South Australia where it is also involved in the $75 million Adelaide Airport car park and upgrade project.
Watpac entered SA two years ago and CEO Martin Monro says although the market remains challenging the company continues to see sound future opportunities in the state.
Shares in Watpac closed 0.61 per cent higher yesterday at $0.61.
Watpac swung to a net loss of $50.2 million in the 2012 financial year.
