This article is from the Australian Property Journal archive
CIMIC Group’s Leighton Asia has secured a third construction contract over the past fortnight, boosting revenue by a combined $453.2 million.
It has been awarded the rights to phase one of Vipul Limited’s Aarohan Residences project in south-east India’s Gurgaon, just days after being chosen to deliver the country’s first IKEA outlet in Hyderabad.
Last week it was officially named as developer of Hong Kong International Airport’s Terminal 1 Annex building and Carpark 4 Expansion Project.
The $125.4 million Gurgaon project is expected to bring $104.8 million in revenue for Leighton Asia, which will receive $70.4 million and $278 million from the IKEA and Hong Kong projects respectively.
Phase one of the VipalAarohan Residences project comprises three residential towers and a club retreat building with a total building area of around 160,000sqm.
Construction is expected to commence this month and reach completion in September 2020.
The project is Leighton Asia’s fourth major development project for in India secured over the past nine months, worth a total of $542 million in revenue. They also include the Maker Maxity and Ten BKC developments.
“Cimic Group and Leighton Asia’s major project experience and diverse construction capabilities continue to provide us with opportunities within the highly competitive Asian market,” Cimic Group chief executive officer Adolfo Valderas said.
The announcement of the Gurgaon development was part of a triple treat for Cimic yesterday. It also revealed that its CPB Contractors had been selected to deliver infrastructure upgrades at the Junee Correctional Centre in New South Wales, as well asthe third New Zealand Schools PPP initiative by the New Zealand Government with another of its companies, Pacific Partnerships.
Correctional Services NSW appointed CPB for the Junee project to expand the prison by 480 new beds, and build new maximum security and administration buildings, relocate and demolish some buildings, and refurbish existing infrastructure.
The contract is expected to deliver $134 million in revenue.
The New Zealand project is worth NZ$113 million to Cimic over the design and construction period, and will be delivered as part of a 60:40 joint venture with Christchurch-based Southbase Construction.
It will see the design and construction of three new primary schools in Auckland and one in Hamilton, and the relocation and co-location of Shirley Boys’ High School and Avonside Girls’ High School in Christchurch.
As part of the contract, Pacific Patnerships, together with HRL Morrison & Co managed PIP Fund 2 will provide financing for 25 years.
CPB Contractors was also recently selected by Transurban to deliver the multi-billion dollar West Gate Tunnel Project in Melbourne in a joint venture with John Holland.
Australian Property Journal
