Cimic's (ASX:CIM) CPB wins work on $368m Sydney CBD tower

Company News

by Lauren Evans

Cimic (ASX:CIM) subsidiary CPB Contractors will be the builder of the new 39-storey premium commercial development Parkline Place, located above the north entrance to Sydney Metro’s Pitt Street Station.

The contract was awarded by Parkline Place consortium partners Oxford, MEA and Investa and is expected to generate revenue of $368 million for CPB Contractors, according to Cimic.

CPB Contractors is already delivering the $463 million Pitt Street Station contract and, earlier this year, was confirmed as the builder of the $150 million build-to-rent building above the station’s southern entrance.

This contract furthers the Cimic Group’s involvement in the delivery of Sydney Metro’s City & Southwest project and its associated building projects. CPB will work closely with its clients and stakeholders to ensure that the building and station function seamlessly and that the new building is safely delivered to schedule,” said CEO Juan Santamaria.

“CPB Contractors is pleased to secure a further opportunity to work closely with Oxford Properties, MEA and Investa in delivering another landmark building in Sydney’s CBD. It is a welcome addition to the portfolio of cityshaping projects CPB Contractors is delivering across Sydney,” said CPB Contractors managing director Jason Spears. 

Work will commence this year and is scheduled to be completed in 2024.

Shares in Cimic (ASX:CIM) are trading 0.9 per cent lower at $19.76.

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