(Alliance News) - Springfield Properties PLC on Wednesday said it signed a new contract worth GBP10.1 million with Moray Council for the delivery of affordable housing.
The Scotland-focused builder of private and affordable housing said it will receive funds from the sale of the land to Moray Council before the end of its financial year on May 31.
Springfield Properties said the design and build phase, which accounts for the vast majority of the contract value, is due to be delivered over the next 18 months.
It said the development is being funded by Moray Council and the Scottish Government. It is part of the 'Moray Growth Deal', Springfield Properties said, which is designed to boost economic growth across the region, including the delivery of "hundreds of affordable homes".
"We are pleased to have been awarded this latest affordable housing contract from Moray Council, which is a long-standing partner of Springfield. As part of the Moray Growth Deal, it reflects the importance of housing delivery to driving economic growth - and the recognition of this importance by the Council and Scottish Government," said Springfield Properties Chief Executive Officer Innes Smith.
"With our strong land-holding across the region and established relationships, we are well-placed to be awarded further contracts under this project to provide much-needed homes."
Shares in Springfield Properties were up 3.1% to 98.50 pence each in London on Wednesday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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