Cimic wins $463m Sydney CBD station build
CIMIC will build even more of the new Sydney Metro rail network after securing a $463 million state government contract for a new underground CBD station.
CIMIC subsidiary CPB Contractors will design and build the Sydney Metro City and Southwest Pitt Street station from 2020, having already had a hand in the network's Northwest and City and Southwest lines.
CPB will also work with Oxford Properties Group for the design and construction of two 39-storey commercial and residential buildings above the station.
CIMIC said revenue for the towers will be confirmed when the contract is executed.
The Metro project will provide a 250-metre underground station running from Park Street to Bathurst Street, between Pitt and Castlereagh Streets in Sydney, connecting the two station entries with retail and other commercial facilities.
The Pitt Street station - one of 31 stations planned for the Sydney Metro Network - is tipped to be completed by 2023.
"Our multi-disciplinary skills will be central to delivering this vibrant and important new public transport and commercial hub in the heart of Sydney's central business district," CIMIC chief executive Michael Wright said on Tuesday.
Despite announcing a number of other multi-million dollar transport contracts over the past six months, shares in CIMIC Group are lingering at a near a two-and-a-half-year low, and were down 1.68 per cent to $31.55 at 1040 AEST.
The company's stock plummeted in July on a underwhelming full-year profit result, though the company has a diversified order book with $36.8 billion of work in hand, up 8.0 per cent since June 2018.
That includes the Cross River Rail tunnel in Brisbane, maintenance work on Sydney trains, building an aquatic and indoor recreation centre in Christchurch, work on the Auckland Airports taxiway, Coffs Harbour Hospital expansion work and a number of mining contracts.
CIMIC is also working on road and rail developments such as WestConnex in Sydney, the West Gate Tunnel project in Victoria and the Logan Motorway project in southeast Queensland.
CPB Contractors, together with its joint venture partners, delivered the tunnelling and civil works for the recently-opened Sydney Metro Northwest and is currently constructing the 15.5km twin tunnels and associated fit-out works for Sydney Metro City & Southwest.
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