Watpac Limited has announced it has finalised a $264 million contract with Country Garden Australia, to deliver the Ryde Garden residential development at North Ryde, 15 kilometres north-west of the Sydney CBD.
The national contracting group has been working with the Chinese developer to formalise the contract following its appointment as Preferred Contractor in October last year.
The Ryde Garden development will feature 830 residential apartments with basement parking for 730 cars, 2,100m2 of public park, roof top gardens and a communal pool, 1,100m2 of non-residential floor space including retail space, gymnasium and an area dedicated for a future child care centre.
Watpac Limited Managing Director, Martin Monro, said the finalisation of the contract signing was a significant milestone for the business.
“Watpac is extremely pleased to be working with Country Garden Australia and acclaimed architects Bates Smart to deliver the Ryde Garden residential development at North Ryde in Sydney,” Mr Monro said“Country Garden is one of the largest and most respected developers in China and this is their first project in Australia, so we are delighted to have been selected by them as their construction partner.”
As the newest addition to the Group’s national contracting portfolio, Mr Monro said the project builds on the expertise of the New South Wales construction business in delivering luxury multi-use developments.
“Comprising three towers of 13, 23 and 27-storeys, Ryde Garden will provide expansive open spaces including a public park set close to the North Ryde Station, offering a landscaped retreat for both residents and the local community.”
Commenting on the contract signing Country Garden Australia’s Director and Chief Executive Officer, Dr GuoTao Hu, said the company is excited to have commenced construction on their first project in Australia.
“We have identified a number of further development opportunities in Australia and we intend on growing our portfolio of projects over the coming years,” Dr GuoTao Hu said.
“Watpac has been selected because of their strong balance sheet and tremendous experience in developing large, high density residential projects.
Watpac will commence the main component of construction works in the coming weeks, with completion expected at the end of 2018. The project is aiming to achieve a 4 Star Green Star Design rating.
