$2 Billion Central Park Unveiled, Sydney

Mr Quek, the CEO, expects off-the-plan apartment sales to start in April or May, with another building to be launched several months later.

Construction of a 6500 square metre park will begin immediately, the AFR reports, and will be open within 12 months.

The project is expected to be Sydney’s first 6-star green rated mixed used precinct, and will include on-site generation for power, heating and cooling. Rainwater collection will also be a prominent feature of the redevelopment, which will take between eight and 10 years to build, and include a total of 1550 apartments.

It was reported last year Mr Quek had put this project on hold given the financial environment, but he continued to demolish buildings and conduct remedial work on the site, while submitting applications.

“2009 was always the year in which we consolidated our approvals…following on from the modified concept plan which was approved in February last year,” Mr Quek is reported as saying in the AFR. “This was always the year, 2010, in which we would commence construction and we are on program to do that.”

A 73,000 square metre “commercial campus”, designed by UK-based Foster + Partners, will design a building for the corner of Abercrombie and Broadway streets.

Johnson Pilton Walker will design a residential property in Kent Street, while two residential towers and a 14,000 square metre retail complex, to be designed by Jean Nouvel, is also proposed.

These four buildings are still awaiting approval.

Fraser Property Australia has $4.5 billion in projects either at the planning or development stage, in Australia and New Zealand, according to the AFR.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.