Watpac Limited (ASX:WTP) announced that it has finalised a $47 million contract with property developer JSK Properties to deliver Melbourne’s newest inner-city residential tower development, Union Tower.
Located on Little Lonsdale Street in the heart of the CBD, the new 35-storey development will offer 165 sophisticated one and two-bedroom apartments, with only five apartments per typical level to suit the building’s tall and slender design.
The development also features a six-storey podium that will provide amenities including shared and private work spaces, gymnasium, bike storeroom, common workshop facilities and a retail precinct.
With Union Tower being JSK Properties’ first Australian development, Watpac Managing Director, Martin Monro, said the Group was delighted to be working with the Malaysian-based property developer.
“We are extremely pleased to be building this high quality residential tower for JSK Properties in a prominent part of Melbourne and look forward to a strong working relationship with our newest client,” Monro said.
Union Tower, Wonderful Addition to Watpac’s Portfolio
Monro added that Union Tower is a wonderful addition to the Group’s diverse national contracting portfolio.
“We believe the project will benefit from our solid experience in delivering prestigious residential and commercial tower projects throughout Australia,” he said.
With a confined development site of 400 square metres, Watpac Construction Victoria State Manager, Nick Pavlovic, said the project would be an example of the team’s delivery expertise.
“Our teams are known for meeting complex challenges head-on and doing so in a manner that delivers innovative outcomes for clients,” Pavlovic said.
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Upon completion, the tower will offer residents uninterrupted views across the city skyline to the north, south and west.
With construction expected to commence this month JSK Managing Director, Johnny Wong, said they were pleased to be working with Watpac, a leading Australian national construction and mining contracting group.
“We are proud to announce to-date, 98 per cent of Union Tower units have been sold,” Wong said.
Completion of Union Tower is scheduled for September 2018. – BusinessNewsAsia.com