The highly publicised debut of property construction giant Multiplex was a market let down for many of those who played the stock looking for quick profits yesterday.
After jumping out of the blocks at $3.21 and quickly shooting to $3.25 the stock eventually fell back to $3.12 for the day on 35 million traded shares.
No doubt, it will be Pr’d a bit harder over the coming days to justify the hype and space in certain parts of the financial press.
Mirvac goes bi-coastal
Meanwhile, Mirvac, the darling of the property sector, has put its toes into something they seem to know best… water.
The group are planning a $60 million residential project involving 120 homes in Torquay, about an hour and a half south-west of Melbourne on the famed surf coast.
Mirvac have entered into a joint development agreement with the Handbury family, part of the Murdoch clan, to develop The Sands.
The Handelbury’s will get around $15 million out of the Mirvac deal.
Some of Mirvac’s best deals involve water including Beacon Cove, Walsh Bay and of course the Docklands.
Investa buys more land In Melbourne
Investa Property Group has purchased an additional 10 hectares of zoned residential land, which is strategically located adjoining the company’s Mill Park Lakes estate in Victoria.
The site is expected to yield 114 lots, with revenue for this project being received in the June, 05/06, financial years.
Investa Property Group has $5 billion in funds under management.
