A new builder is required for Sydney’s tallest tower, Greenland Centre Sydney, after the initial deal to build the residential monster went pear shaped according to reports.
Chinese developer Greenland and construction firm Brookfield Multiplex terminated their project agreement citing ‘commercial differences’, according to The Australian Financial Review.
Greenland – China’s largest state-backed real estate group – issued a statement saying it would no longer use Brookfield Multiplex to build the $700 million, 235-metre tower known as Greenland Centre Sydney, which has seen almost all its apartments sold off the plan.
The proposed tower won’t have a level 4, 14, 24 or 34 and an entire 10 floors between level 39 and 50 won’t exist because ‘four’ and ‘death’ look and sound the same in Mandarin.
A statement from Greenland published by The Australian Financial Review said “despite bona fide attempts to reach agreement, the parties have different views on certain commercial terms with respect to the ongoing contract to deliver the works and have agreed to part ways.”
“Greenland Australia remains committed to delivering the project with early demolition work starting in May,” the statement read.
According to The AFR, industry sources said Brookfield Multiplex thought Greenland were difficult to deal with and there were significant delays in what had already been an extremely tight program.
As such, Brookfield Multiplex would run the risk of lost-time fines adding up to six figures per day. The company once estimated that the work would have facilitated more than 5,500 jobs.
The tower, at the former Water Board site at 115 Bathurst Street, is Greenland’s first project in Australia. Brookfield Asset Management sold the site to Greenland for about $100 million in 2013.
The tower comprises 478 apartments and six penthouses over 70 levels. After a strong off-the-plan selling campaign only eight apartments in the tower remain unsold.
The tower is designed by BVN Donovan Hill and Woods Bagot alongside a heritage listed structure.