Country Garden have announced it has finalised a $264 million contract with Watpac Limited, to deliver the Ryde Garden residential development at North Ryde, 15kms north-west of the Sydney CBD.
The Hong Kong-listed development company Country Garden has been working with the national contracting group to formalise the contract following its appointment as preferred contractor in October 2015.
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.
Country Garden Australias Director and Chief Executive Officer, Dr GuoTao Hu, says 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. Watpac has been selected because of their strong balance sheet and tremendous experience in developing large, high-density residential projects. We have enjoyed working with Watpac over the last six months and look forward to continuing this strong relationship over the construction period, he said.
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. Country Garden is one of the largest and most respected developers in China. This is their first project in Australia and we are delighted to have been selected by them as their construction partner, Mr Monro said.
Ryde Garden is an exciting addition to the Groups national contracting portfolio and builds on the expertise of the New South Wales construction business in delivering luxury multi-use developments. The project, comprising three towers of 13, 23 and 27-storeys, offers expansive open spaces including a public park set close to the North Ryde Station, and will certainly provide a landscaped retreat for both residents and the local community.
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 the aim to achieve a 4 Star Green Star Design rating.
About Country Garden Holding Company Limited
Founded in 1992 and listed on the Hong Kong Stock Exchange in 2007, Country Garden aim to build first-class communities, with over 1 million people choosing Country Garden as their homes. The developer has earned over 100 billion RMB in sales, with a focus on building high value-for-money residential property. Country Garden and its founders are dedicated to charitable activities with a collective total of over 1.9 billion RMB worth of donations. The companys mission is to create a better society through its existence and to shape a prosperous future through its conscience and social responsibility.