- James Raptis says the company sees a growth opportunity in this sector
- The only expenditure during the quarter was related to valuation and investigation of potential development sites
In its quarterly update to the market, Raptis Group Limited (ASX: RPG) has reaffirmed its interest in the growing build-to-rent sector in Australia.
During the three months to 31 December, Raptis said it is seeking a funding partner to develop and hold build to rent residential units.
In addition, it is evaluating development sites suitable for a build to rent development while exploring appropriate structures that allow for the development and holding of such stock.
In particular, the company says it is investigating sites on the Gold Coast that meet the current market requirements for residential units.
This investigation caused the only expenditure incurred during the three month to December 2021, with $35,104 paid in cash to unrelated parties for the valuation and structure to assist the board. Cash paid in the six months to 31 December totaled $53,145.
Currently, the company has $2,901,325 in cash as of 31 December – the majority in call deposits.
“We have been researching the Build to Rent sector which we see as a growth opportunity in this sector of the Australian property market,” said chairman James Raptis.
“This is in addition to conducting feasibility studies on a potential future development site and management rights opportunities. When future projects are secured we will advise the market.”
James Raptis
Currently, the developer is working on Pearl Main Beach and the Gallery Residences. Work is due to commence soon for their The Sterling Broadbeach 40-storey tower, which has been designed by Koichi Takada.
The announcement comes as interest in build-to-rent has soared, with Gurner revealing just before Christmas a $350M twin build-to-rent development in St Kilda.
