Surveying company Veris (ASX: VRS) has strengthened its relationship with property developer Stockland (ASX: SGP) having been awarded a survey and design contract for their newest planned residential community – Katalia Estate.
Katalia Estate is expected to take 10 years to complete all 1500 lots, with Veris to provide surveying and planning services for the project which will generate more than $1.5 million in total revenue for Veris.
“Stockland is a key national client for Veris, and this contract award is testament to the strength of our relationship and our capability to deliver value for Stockland’s developments through our comprehensive range of multidisciplinary services,” said Veris CEO, Michael Shirley.
“Veris has a track record of delivery in Greenfield residential developments, and it is great to see ongoing confidence in the market through significant developments like Katalia Estate.”
“Furthermore, it is fantastic to see Veris continuing to win and deliver work in Melbourne despite the Stage 4 restrictions due to COVID-19 and establishing new ways of working to ensure the safety of our people, clients and the community.”
Despite economic uncertainty around COVID-19 and various infrastructure projects being delayed as a result, Veris has continued to strengthen its project pipeline where they have an order book of more than $30m to be executed in the next 18 months.
The Stockland contract win follows $2.2m worth of contracts won last month from Veris’ communications division from BHP and ATCO.
Katalia Estate will become the fifth planned community contract awarded by Stockland to Veris which has a further $70m project pipeline it will be looking to secure and execute over the next 18 months as projects return to normal upon recovery from COVID-19.
*Owners of this website are VRS shareholders
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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