This article is from the Australian Property Journal archive
HIGH-rise apartment developer Geocon’s forward-thinking development of the Republic Precinct in Belconnen has demonstrated impressive settlement rates in a stellar achievement.
The development has been built over four and a half years to a cost of $410 million and it has achieved settlement of rates 1250 at a 98% success rate. A rate like this for a development of this size is not only rare, but also unexpected due to a number of external challenges proving to be a potential hindrance.
The project was launched and promoted during the pandemic which makes the settlement rate all the more impressive.
1267 apartments, 152 hotel rooms, 52 commercial tenancies and 300 space public carpark make the Republic ACT’s largest mixed precinct.
Geocon has aimed to innovate and revolutionise contemporary living through its unique design and amenities. The development contains five of Canberra’s tallest towers with 80,000 m3 of concrete used for the precinct.
The developer’s managing director Nick Georgalis underpins the success that Geocon has achieved against the odds.
“Despite the challenges of the past few years, the vision of Republic has strongly connected with the community as an unrivalled urban lifestyle in the heart of Belconnen,” Georgalis says.
“What we have accomplished in the past four and a half years has been an incredible achievement for Geocon and Canberra, as a pathway forward to an increase in modernised development.”
It’s not the only Geocon development that has achieved an outstanding settlement rate, affirming that the Republic wasn’t a one-hit wonder.
General manager of Geocon Damon Smith says how Republic is a huge project in the context of Belconnen’s future as well as the employment it provided during its construction,
“Utilising over 4,000 workers over the course of completion, Republic has been a massive project, one that we think is a huge step forward for the urbanisation of Belconnen.”
