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- CIMIC’s contractors branch, CPB Contractors, has been awarded a $463 million deal to build a new Sydney metro station
- The company has also been contracted to build two 39-storey high-rises above the station
- CIMIC’s share price is down 1.62 per cent today, currently sitting at $31.57 apiece
CIMIC’s contractors branch, CPB Contractors, secured a $463 million deal to work on the design and construction of a new Sydney metro station.
The group was awarded the contract by the New South Wales Government as part of the Sydney Metro initiative, which is currently the nations largest public transport project, according to CIMIC.
CEO of CIMIC Michael Wright commented that the company’s contracted projects are positively contributing to the communities and development of Sydney.
“This project continues CIMIC Group’s strong track record of providing important infrastructure to benefit communities and help to drive continued economic growth,” he said.
A new Sydney Metro City & Southwest Pitt Street Station will be built by the company.
Construction will include a 250-metre-long underground Pitt Street Station which will connect to Park Street, Bathurst Street, Pitt Street and Castlereagh Street.
The station entries will be fitted with retail stores and various commercial outlets.
Work on the station is set to commence next year, with a completion date set for 2023.
CIMIC has also been contracted to build two 39-storey buildings above the station. One will be for office space and one will be residential. The revenue generated from this project will be determined once the contract is complete.
“This is a major step in the expansion and success of CPB Contractors’ building sector,” Managing Director of CPB Contractors Juan Santamaria said.
CIMIC’s share price has dropped 1.62 per cent this morning, shredding $0.52 off its value. Shares in the company are currently worth $31.57 apiece, as of AEST 10:54 am.
