Diploma Group Limited has acquired the site for its new residential project to be located in Perth's business district at Adelaide Terrace.

The 872 square meter property is an addition to the company's presence in the area after having already finished developing high rise residential towers.

The proposed high-rise residential development is slated to build 70 units of one to two bedroom apartments spread out in 20 floors and costing US$60 million. The construction period will take two years with a scheduled completion date in 2014. It will also include scenic views of the Swan River estuary. The company is targeting buyers that want to purchase units that combine great value and quality.

Diploma Chief Executive, Nick Di Latte said in a statement that he is pleased to have secured another site on Adelaide Terrace, East Perth. "This acquisition ensures our property division's residential development program in the Perth CBD and metropolitan regions will continue beyond 2013. It is comforting to know Diploma is supplying apartments to a market which has shown a consistent appetite for a quality, inner-city product," he said.

Currently, the site located at 69 Adelaide Terrace on the corner of Plain Street is occupied by a commercial tenant that contributes holding income for the company as it irons out its development approvals and pre-sales requirements.

The Diploma Group is a realty, property development and construction company dealing with retail, commercial, mixed use and residential developments. The company was established in 1976.