Lend Lease Group (ASX:LLC) has signed a Project Development Agreement (PDA) for the $1 billion Waterbank Urban regeneration project in Perth.
The project is proposed to include over 600 residential apartments, commercial office space, a hotel as well as retail and public spaces.
CEO Steve McCann says the property developer will leverage its significant experience in major waterfront and urban regeneration projects to deliver a world class solution for the people of Perth.
Construction is expected to commence next year, with project completion slated for 2021.
Lend Lease Group generated a net profit of $503 million in the 2012 financial year.
LLC Price at posting:
$10.26 Sentiment: None Disclosure: Held
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