This article is from the Australian Property Journal archive
WATPAC has been awarded the $353 million construction contract for the ‘One Central Park’ residential and retail project in Sydney from Frasers Property Australia.
One Central Park is the first residential stage of the $2 billion Central Park precinct in downtown Sydney.
The East tower is 33 levels and the West tower will be 16 storeys high, comprising 623 units above a five-level retail and recreation podium, The complex will also include a further five levels of basement car parking to cater for 1,200 vehicles.
The development will aim to achieve minimum 5 Star Green Star ratings for design and building under both the Multi Unit Residential v1 and Retail Centre v1 Green Building Council of Australia rating systems.
Watpac already has an established relationship with Frasers Property Australia, having completed construction of its ‘Trio’ residential complex in Camperdown in September 2009 after a build of just two years.
Watpac managing director Greg Kempton said the contract reflects the level of confidence Frasers Property Australia has in Watpac’s capability to deliver world-class projects.
Frasers Property Australia boss Dr Stanley Quek said this is the largest contract of its kind to be signed on a residential project in Sydney for many years.
“Frasers has signed this significant contract with Watpac based on the company’s reputation in the industry as a leading construction services provider that consistently delivers in terms of timeframes, quality and attention to detail.
“Watpac’s dedication to delivering on sustainability targets was also another important factor for us when selecting a builder for One Central Park,” he added.
Kempton said the contract is expected to generate approximately 700 construction jobs from the commencement of construction through to 2013, when the buildings are expected to be completed.
Frasers has already sold more than half the apartments at One Central Park, with $260 million in sales to date. Last week PA approval for the second major residential stage at Central Park was announced by Planning Minister Tony Kelly.
Australian Property Journal
