Aug 22 (Reuters) - Watpac Ltd WTP.AX :
* Watpac preferred builder for herston quarter development WTP.AX
* Says will enter into an arrangement as preferred builder with Australian unity to deliver the herston quarter project in Brisbane
* Says stage 1 works are anticipated to commence in 2017
* Says herston quarter project is worth $1.1 billion
* co and Australian unity will proceed to finalise construction contract
* Source text for Eikon ID:nASX5DR4k1