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Frasers Centrepoint awards A$290 million construction contract in Sydney (Amended)

FRASERS Centrepoint said on Thursday that the company, through a joint venture, has signed on Brookfield Multiplex for a A$290 million (S$289.2 million) construction contract on the Duo two-tower mixed development in Sydney, Australia.

The construction contract, which will involve a peak workforce of about 800 people, is scheduled for completion in early 2018.

Frasers Property Australia and Sekisui House Australia are joint venture partners in Duo, a mixed residential, commercial and hotel development that is designed by Foster + Partners. The two-tower residential project is located on the corner of Broadway and Abercrombie Streets, Chippendale in Sydney's Central Park.

The partners said in a joint release that more than half of the 5.8 ha Central Park precinct has already been delivered.

"Sales have been successful at Duo, with less than 90 apartments remaining for sale, priced from A$710,000," the joint release said. The apartments have sold from A$650,000 to A$2.2 million since they were launched to the market last November.

Duo's residential component comprises 313 apartments, the majority of which will be located within the eastern tower. The adjoining western tower will include a 297-room hotel, ground floor retail, 5,500 square metres of commercial space, a childcare centre and The Australian Hotel.

Amendment: A previous version of this story had a headline which read, "Frasers Centrepoint wins A$290 million construction contract in Sydney". It should have been "Frasers Centrepoint awards A$290 million construction contract in Sydney". We apologise for the error.