Tue, Apr 23, 1:35pm by Staff Writer
Construction giant Multiplex has been awarded the Queen’s Wharf construction contract, estimated to be worth up to $1.5 billion.
The Urban Developer is reporting that competition for the “city shaping” Queen’s Wharf project had come down to two contractors: Multiplex and Hutchinson Builders.
Multiplex will kick off construction by mid-year.
The lump sum contract is for the development of the integrated resort component of Queen’s Wharf, which includes five levels of basement car park, the tower structures, the sky deck and the façade of the main integrated resort.
At least 60 per cent of the project cost will be executed under the construction contract.
In its half yearly results, Star Entertainment Group said it was targeting a total $2.4 billion project cost.
“It’s a massive contract that, in total, will include approximately 370,000sqm of floor area and 105,000sqm of energy efficient glazed façade,” Destination Brisbane Consortium project director Simon Crooks said.
The project is being developed by the Destination Brisbane Consortium, a joint venture led by casino giant Star Entertainment Group, with Far East Consortium and Chow Tai Fook Enterprises.
Star holds a 50 per cent equity share in the project, while its Hong Kong-based partners each hold a 25 per cent interest.
When complete, Queen’s Wharf Brisbane will deliver four new hotels, more than 50 bars and restaurants, 2,000 residential apartments and the equivalent of 12 football fields of public space.
It will cover a massive 27.3 hectares, 20 per cent of Brisbane’s CBD.
Multiplex halted work on the $1.2 billion Collins Arch project earlier this month, delivered Queen’s Wharf neighbour Cbus Property’s “tower of power” at 1 William Street and the $1 billion Brisbane Quarter.
Major Queensland projects under construction for the building giant include the residential component of Brisbane Quarter and Yuhu Group’s triple-tower Jewel development on the Gold Coast.
Major construction is now set to begin by mid-2019 on the $3.6 billion Queen's Wharf Brisbane project, with the construction contract awarded to Multiplex. Get all details here:https://t.co/zYK6y83yAR
— PlantMiner (@PlantMinerAU) April 23, 2019
The first stage of the Cottee Parker-designed integrated resort development is slated for a late-2022 completion.
Crooks said that the contract remained subject to board approval and state government endorsement.
“The next step will be the public confirmation of the contract signing after the state government has completed its review process.”
Construction works are expected to reach George Street level by late-2020.
Excavation work began early in 2017, with managing director Queensland for The Star Entertainment Group Geoff Hogg explaining that phase is now almost complete.
Workers have so far demolished a number of government owned buildings to prepare the site for setting the foundations.
Mr Hogg explained that they expect to reach an important milestone in mid 2019 when all 450,000 cubic metres of soil and rock would be taken out and the hole in the ground would be finished.
Foundation work is slated to begin shortly afterwards.
Actual construction work is likely to commence by Christmas.
They expect to be ready to begin ground level work by mid 2020. The luxury resort will feature a massive underground car park.
The Star is targeting 2022 as the opening year of the major party of its property.
The launch will include three hotels, one operating under The Star brand, as well as Dorsett-branded and Rosewood-branded hotels, food and beverage facilities, public spaces at the flagship Sky Deck, The Landing and Waterline, and retail spaces.
The gaming and hospitality giant currently runs Brisbane’s Treasury Casino.
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