Announcement to the ASX re the Acquisition of a Joint Venture Residential Development at Broadbeach, Queensland

Announcement to the ASX re the Acquisition of a Joint Venture Residential Development at Broadbeach, Queensland

04-Nov-2004

See attached Press Release concerning the Group’s investment in a new joint venture for the development of an apartment tower in Broadbeach, Queensland.

Please provide us with your confirmation of release announcement.

Yours faithfully



Andrew Horne
Group Company Secretary



Att.



4 November 2004


THAKRAL HOLDINGS GROUP (THG)
PRESS RELEASE

Acquisition of Joint Venture Residential Development at Broadbeach, Queensland

Listed property group Thakral Holdings Limited, a major property owner in central Broadbeach, is to lift its presence in the beachside suburb with a $107 million apartment venture.

Thakral, the owner of the Oasis Shopping Centre and Grand Mercure Hotel, is buying the Ultra project from the Niecon group for $17.95 million.

The Project is a joint venture with investment bank Grant Samuel & Associates.

The partners are planning to start construction of the 30 level tower, on a 4,643m2 Margaret Avenue site close to the beachfront, in early 2005.

Mr John Hudson, Thakral Managing Director, says the success of Thakral’s Air on Broadbeach tower, being built at the eastern end of the Oasis Shopping Centre, has encouraged Thakral to take on the 113 apartment Ultra project.


Further information:

John Hudson           Telephone: (02) 9272 8888
Managing Director      Mobile: 0417 266 744

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