PAYCE reported NPAT of $121m for 1H15 following the sale of the Hurstville, East Village and Platinum properties/projects in the half year which is in line with expectations set out in our last update on 20 January
An update on the East Village shopping and commercial centre, including observations from a recent site visit. We also discuss the developments with PAYCE’s proposed share buy-back and possible implications
Payce Consolidated Limited (Payce) is a Sydney focused medium density apartment and mixed use (retail / commercial) development and investment group. Payce focuses on mid-range affordable apartments with the average sale price for a two bedroom apartment in Sydney around $600,000
The East Village residential apartments are now expected to be completed and settled by the end of September 2014, only one month later than initially planned. It is 100% pre-sold and given the current strength of the Sydney apartment market all units are expected to settle. FY14 NPAT of $1.6m was in line with expectations ( $19.0m in FY13)
Last week, Payce Consolidated Limited (Payce) reported their 1H14 results with a NPAT of $5.1m ($16.0m 1H13) in line with expectations.
Payce Consolidated Limited (Payce) announced to the ASX on Monday that it had completed a $50m five-year, fixed rate, senior secured note issue (the Notes) with an interest rate of 9.50% p.a. (paid quarterly), arranged exclusively by FIIG Securities Limited.
Payce Consolidated Limited (Payce) is an Australian Stock Exchange listed property development group. The company’s core business has been the development of Sydney medium density apartments