“We will be right on time for the upswing,” Frasers Property chief executive Dr Stanley Quek said. “In Singapore there is a good take up of apartments, and in England an uptake”.
He said funding would not be a problem, describing Frasers as “a fairly strong company”.
The first development application is for an office and retail building on the corner of Broadway and Abercrombie Street, however a building on some other part of the site may be developed first, Dr Quek said.
Frasers outmuscled Australand to buy the central Sydney site, agreeing to pay $208 million in June 2007. Frasers is a branch of the Singapore-listed Fraser and Neave. That company ownws food, beverage, publishing and printing businesses, as well as property development.