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03.10.2002 APH Draws Down Under an AUD$4.6m Construction Facility |
The Directors wish ot announce that on 26th September 2002 the Company commenced drawdown in accordance with an approved AUD $4.6 million construction facility. This loan will fund the construction of Stage 1 of The Escarpments project at Katoomba. Planned in this first stage is the construction of 4 'Fairway Villas', 8 'Terraces', the refurbishment of the existing golf clubhouse along with associated golf course and civil works.
Crestway Constructions Pty Ltd has been contracted to complete Stage 1 construction works. Crestway's executive driectors have in excess of 25 years experience in the building industry.
Recently completed projects in Crestway's impressive portfolio include the apartments for 'Horizons' golf resort at Port Stephens north of Sydney, and the 'Maximilian', 'Renoir' and 'Strathallen' residential buildings in Sydney's north shore.
Construction and refurbishment of golf clubs is also with Crestway's area of expertise, having recently built the pro-shop and kiosk for Warringah golf club, and the NSW golf clubhouse at La Perouse - two notable clubs in the Sydney metropolitan area.
It is anticipated that the first 12 dwellings and the clubhouse refurbishment will be completed by 30th April 2003.
The Company has also secured AUD $6.27 million of 'take-out' finance for construction loans to fund a total of 20 Terraces and 7 Fairway Villas. With this facility in place, the Compay is confident of securing the required construction funding for these additional 15 dwellings which comprise Stage 2 of construction.
To date, the Company has exchanged sales contracts for Stage 1 on 3 of the 4 Fairway Villas and on 7 of the 8 Terraces, representing a total sales value of AUD $4,451,000. The marketing effort is now concentrated on Stage 2 which comprises 12 Terraces and 3 Fairway Villas.
The strong domestic growth in the economy has ensured taht the boom in the Sydney residential property market has continued unabated. The Blue Mountains property market has continued to outperform the overall Sydney market. In statistics produced by Residex (Residex press release dated 14th July 2002), the property research company, for the March-June 2002 quarter, the captial growth in the Blue Mountains was 5.11% compared with a figure of 4.31% for Sydney as a whole.
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