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WATPAC (ASX:WTP) has finalised its $264 million contract with Country Garden to deliver the Ryde Garden residential development in Sydney.
Ryde Garden in North Ryde will feature 830 residential apartments with basement parking for 730 cars, retail space, public park, rooftop gardens and communal pool.
The Brisbane-based contracting group has been in talks with the Hong Kong-listed developer since last October.
Watpac managing director Martin Monro says the completion of the contract marks a significant milestone for the company.
"Country Garden is one of the largest and most respected developers in China and this is their first project in Australia, so we are delighted to have been selected by them as their construction partner," Monro says.
"Comprising three towers of 13, 23 and 27-storeys, Ryde Garden will provide expansive open spaces including a public park set close to the North Ryde Station, offering a landscaped retreat for both residents and the local community.
"Ryde Garden is an exciting addition to the group's national contracting portfolio and builds on the expertise of the New South Wales construction business in delivering luxury multi-use developments."
Country Garden Australia director and CEO Dr GuoTao Hu says the deal marks the company's 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," Hu says.
"Watpac has been selected because of their strong balance sheet and tremendous experience in developing large, high density residential projects."
Watpac will commence the main component of construction works in coming weeks, with the project expected to be completed at the end of 2018.
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