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Sydney, Aug 17, 2006 (ABN Newswire) - We’re very pleased with our results for last financial year. We’ve achieved our $4 million NPAT as our forecast, we’ve achieved our dividend of 9 cents.
Our forecast dividend for this year of 9 cents fully franked is one of the highest yielding fully franked dividends on the stock market. We’ve also forecast 20 percent growth on that dividend yield over the next two years, and we’re on track to deliver that.
Every forecast that we’ve made so far for Indigo Pacific Capital has come to fruition, so we’re very happy to be able to do that. I think if you deliver your forecasts then the market can have some faith in what you say.
Indigo Pacific Capital leverages off existing Indigo staff and City Pacific staff. We have no full-time staff as such, but we have the skills and expertise of two great companies to leverage off, so that keeps our overheads very low by industry standards.
Village Centre is on track to open in September/October this year. That’s the 5,000 square metre retail centre, and the four towers. The 213 apartments will be open and occupied in October. That’s a wonderful project one kilometre from the city centre in Brisbane, and that’s a great flagship project for Indigo Pacific.
Martha Cove’s going fantastic. We’ve just recently increased our investment in Martha Cove in taking on a marina of some 233 marina berths, a 4,000 square metre retail centre, and a further 44 marina front units. So in all, that’s getting close to $200 million worth of investment in the Martha Cove project, and that’s going to be a great project for Indigo Pacific.
The purchase of the marina at Martha Cove is a very interesting project. The 233 marina births will be sold under a lease arrangement, so within 20 years time they’ll come back onto the market. So we get a chance to sell something twice – this improves annuity income streams for Indigo Pacific, so it’s a really quite exciting opportunity.
Indigo Pacific’s got two investments at Palm Cove. One is the Drift Apartments, which is the reconversion of an existing Clarion hotel on the esplanade, the beachfront at Palm Cove. That project will open at Christmas.
The other project that Indigo Pacific’s involved in is Ocean’s Edge, which is the creation of a 400-lot master plan residential subdivision and community, and that’s just commenced. Civil construction has just commenced on that project, and that’s again another great project in a great region.
The Brisbane commercial market is booming, and we recognised that and saw that opportunity coming, and we purchased the Brisbane City Council building and associated adjacent land. We’ve got two projects in that precinct. One is the existing Brisbane City Council building, which we’ve rebadged North Bank Plaza, which is some 26,000 square metres of existing building. The other project is 275 George Street, which is a new tower that will sit on the corner of Adelaide and George Street. So there’s two great commercial projects in the heart of Brisbane, and in the heart of a boom time at the moment.
We’ve got a great pipeline of opportunities for Indigo Pacific. We work very hard on our networks, our joint ventures, our relationships in the market, and we’ve got great deal flow. We’re dealing in projects in all the different sectors – commercial, industrial, retail, residential high-rise, medium-rise, subdivision, marinas, large-scale residential. So there’s many different opportunities in many different sectors in many different parts of the country.
I guess all property markets are cyclical, and every property sector has its own cycles. We’ve seen residential booms run distinct from retail booms and commercial property booms and industrial booms in the Brisbane and Queensland and Australian markets recently. I guess we feel as though we’ve got the smarts to assess trends in the market, and to identify which markets are improving and in which sectors and geographically where these things are happening and to move on those sectors.
