WATPAC LIMITED 
By ASX RELEASE
20 November 2012
ASX Market Announcements
20 Bridge Street
SYDNEY NSW 2000
Dear Sir / Madam
In accordance with listing rule 3.1, Watpac Limited today announced that the first tranche of residential apartment sales at its Melbourne property - Rue de Chapel - had reached settlement in the past 24 hours.
The sales returned an initial net capital to the Group of $25 million, which reduced Group property debt to below $50 million.
A press release is attached.
Yours sincerely, WATPAC LIMITED
Mark Baker
COMPANY SECRETARY
PRESS RELEASE
20 Novmeber 2012
Watpac Limited ('Watpac' or 'Group') today announced that the first tranche of residential apartment sales at its landmark residential property in Melbourne - Rue de Chapel - had reached settlement.
Watpac Chief Executive Officer Martin Monro said that, as scheduled, 59 of the 84 residential apartments in the building located in Chapel Street, Prahran, had settled in the past 24 hours, proving an initial net capital return to the Group from the project of $25 million.
He said the sales at Rue de Chapel meant the Group had now disposed of $57 million in property assets since
30 June 2012, which was in line with its current strategy.
"The recent sales at Rue de Chapel have reduced Group property debt to below $50 million, and with 21 more sales scheduled to settle over the next few weeks, this level will fall below $40 million by half year end," Mr Monro said.
"This is a very pleasing result for our shareholders. These sales not only generate development profit for the Group but result in further reduction to property asset gearing levels, which now sit below 30 per cent on current book value," he said.
"We have made it clear that repatriated capital from property asset sales will be used to repay debt and invest in existing market segments that demonstrate an ability to meet our return
