DVN: Loan facilities formally approved

Document date:  Wed 01 Nov 2000
Published:  Wed 01 Nov 2000 15:51:57
Document No:  137600
Document part:  A
Market Flag:  N
Classification:  Progress Report 

DEVINE LIMITED                                2000-11-01  ASX-SIGNAL-G

HOMEX - Brisbane                                                      

+++++++++++++++++++++++++
The Directors of Devine Limited are pleased to announce that loan
facilities required for the construction of the company's River Place
apartment project have been formally approved by the company's
bankers, the ANZ Banking Group Limited. Following this, Multiplex
Constructions Pty Ltd have been appointed as the builder for the 
38 level tower development.

River Place is a $123.5M residential apartment development on the
Brisbane River in the Brisbane CBD. When commenced, the 311 unit
development will be the largest residential project under
construction in Brisbane. The market acceptance of the project can be
demonstrated by the exceptional level of sales achieved on the
project prior to the commencement of construction. At the end of
October, 87% of the units had been sold and unconditional contracts
with 10% deposit paid were held for 77% of the total 311 units.

Work on the site is expected to start within the next two weeks with
construction scheduled to be completed in the June quarter of 2002.

Directors are confident that the project will make a material
contribution to the company's results in financial years 2000/2001
and 2001/2002.


FOR FURTHER INFORMATION

Viv Grayson
COMPANY SECRETARY
Devine Limited
Ph:  (07) 3380 2531
Fax: (07) 3380 2593