January 20, 2018 / 3:40 AM / 7 months ago

Consortium awarded A$2 billion contract for Sydney development

SYDNEY (Reuters) - The New South Wales government has awarded a contract worth more than A$2 billion ($1.60 billion) to construction company Grocon, retail property firm Scentre Group (SCG.AX) and Chinese-backed developer Aqualand to build the final stage of the Barangaroo development in Sydney.

Shipping facilities on prime harbour-front land in the heart of Australia’s largest city are being converted into a combination of office space, retail outlets, apartments, a hotel, a casino and recreational space.

The development, valued at more than A$8 billion ($6.4 billion) overall, is expected to house more than 23,000 workers and residents, and host thousands more visitors daily, the NSW government’s Barangaroo Delivery Authority (BDA) said on its website.

The BDA announced on Friday that it had chosen the consortium for Central Barangaroo which is to be built on a 5.2 hectare (52,000 square meter) disused container terminal.

Central Barangaroo is the third and final stage of the development which is expected to be finished in 2024, the BDA says on its website.

Aqualand, a Sydney-based subsidiary of Shanghai-based developer Shenglong Investment Group, will fund and develop the residential component of Central Barangaroo, the BDA said.

Scentre Group which owns Westfield in Australia and New Zealand, will fund the retail centre.

Grocon will lead the design and construction, develop the commercial office component and will appoint an investor in the coming months, the BDA said.

Reporting by Alison Bevege; Editing by Jacqueline Wong

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