As reported in Businessnewsaus.com.au
WATPAC (ASX:WTP) has finalised a $47 million contract to deliver a residential tower in Melbourne.
Developed by JSK Properties, Union Tower will comprise 165 one and two-bedroom apartments across 35 storeys.
The project also includes a six-storey podium featuring shared and private work spaces, gymnasium, bike storeroom, common workshop facilities and retail precinct.
Watpac managing director Martin Monro says the contract was a coup for the company.
"We are extremely pleased to be building this high quality residential tower for JSK Properties in a prominent part of Melbourne and look forward to a strong working relationship with our newest client," Monro says.
"Union Tower is a wonderful addition to the group's diverse national contracting portfolio and we believe the project will benefit from our solid experience in delivering prestigious residential and commercial tower projects throughout Australia."
Union Tower is the first Australian development for Malaysian-based JSK Properties.
Watpac Construction Victoria state manager Nick Pavlovic says site constraints will demonstrate the team's delivery expertise.
Located on Little Lonsdale Street in the CBD, the project has a confined development site of 400sqm.
"Our teams are known for meeting complex challenges head-on and doing so in a manner that delivers innovative outcomes for clients," Pavlovic says.
"Delivering a project within a confined, busy inner-city location will demonstrate our team's ability to deliver high level projects to an exceptional standard while managing the challenges of a constrained site."
Construction will commence this month, with 98 percent of Union Tower units sold. The project is expected to be completed in 2018.
As reported in Theaustralian.com.au
Brisbane-based construction firm Watpac has finalised a $47 million contract to build Malaysian developer JSK Properties’ new apartment project in the Melbourne CBD.
The listed construction company will start work on the 35-storey building in Lonsdale Street this month, with completion due in 2018.
The project will house 165 one and two-bedroom apartments, with five units on each level. A six-level podium will include work spaces, a gym, common workshop facilities and retailing.
The development, Union Tower, is JSK’s first Australian venture with the firm’s managing director Jonny Wong saying 98 per cent of the units had been pre-sold. The company is an offshoot of The W Group, which was established by Mr Wong’s late father and builds about 1500 units a year.
The Union Tower project will be built on a tight 400sq m site and will have city views north, south and west.
Watpac managing director Martin Monro said Watpac had a diverse national contracting portfolio including residential and commercial tower projects.
Its work book includes Sydney’s $126m York & George mixed-use development, the $70m 333 George Street office tower, and Brisbane’s $188m Mary Lane residential, hotel and dining precinct.
Ground-breaking Ceremony. 4th November 2016
The W Group previously known as the Wong Kwok Group in Malaysia, was first established by Managing Director Johnny Wong's late father, Datuk Seri Panglima Dr. Wong Kwok in the early 1950's. With more than 60 years of history, The W Group has 16 subsidiary companies and employs more than 2,000 employees. Over the last 15 years, the W group has completed more than 30,000 units of apartments and presently continues to deliver almost 1,500 units per annum.
With years of solid business foundation and corporate fundamentals, Johnny Wong felt that it was timely to bring the Group to the next level and compete in the international arena.
Thus, as part of W Group's expansion plan to penetrate international markets, I formed the JSK Group of Companies. JSK Group of Companies currently has projects in UK, Australia and China.
Today, JSK has awarded Watpac a $47 million contract to build Union Tower, a 35-storey Apartment building located on Little Lonsdale Street in the heart of Melbourne CBD. Watpac a leading Australian national construction and mining contracting group with operations in all mainland States and Territories is a reputable company listed on the Australian Securities Exchange since 1985. Works are expected to commence in July 2016, with a completion schedule for September 2018.
JSK has always stressed that owning a property is a basic human need. It is a place where the most important things of a person's life gather and is the beginning and focus point of most families. Everyone wants to make this special place the most enjoyable, practical and as secured as possible. Hence, it is both JSK's social and professional responsibility to deliver this to our purchasers at the best quality for their value's worth.
Over the years, satisfied customers, investors, many of them being repeat purchasers of our properties have time and again, continued to acquire our properties which have been built upon our bedrock mission and vision to produce and deliver properties that are value for money with current and practical life style designs and more importantly excellent Return Of Investment opportunities. We are proud to announce to-date, 98% of Union Tower units have been sold and JSK would like to express our utmost gratitude for your support and we look forward to a long-lasting relationship with you both locally as well as internationally.
As reported in Thejournal.co.uk
Malaysian businessman Johnny Chen Yee Wong, who studied in the North East, was inspired to invest in the region after visiting in 2013.
A high-spec, 65-bed student housing development is to be built in an up-and-coming area of Newcastle after a Malaysian businessman who once studied in the city returned to find a “booming” property market.
Johnny Chen Yee Wong graduated from a quantity surveying course at what was then Newcastle Polytechnic in 1984, before returning to his home country to found one of Malaysia’s biggest property development firms, The W Group.
On visiting Newcastle again in 2013, he found it had grown significantly and recognised that, with two universities to cater for, student accommodation represented an obvious investment choice.
Forming a new company, JSK Property Development, he brought his former housemate Clint Woo in as a director, before buying up land on Pitt Street - close to St James’ Park - at the former base of historic food processing company Henry Hirst.
Contractors Hallgate Construction Ltd will build a timber-clad development featuring 65 studio apartments for students, each furnished to a high standard and featuring a kitchen, bathroom and high speed broadband connection.
Speaking at the formal signing of the £2.5m contract, Mr Woo, who is also a civil servant, said: “First, Johnny came over for a holiday, at which point we had a chat about the possibility of investments. At that point, he wasn’t as keen.
“Then last year, he came back again and decided the time was right to invest. He saw there were some quite exciting opportunities, that Newcastle city centre was changing and that there was a booming market.
“We decided to start small, but we are now looking for other sites and have one in mind for a much bigger project.”
Working alongside JSK on the project is Washington-based architects Mario Minchella Ltd and the Newcastle-based quantity surveyors, CD Associates (UK) Ltd, among others.
Mr Woo acknowledged that there were many different student developments now appearing around Newcastle. However, the company saw this as a good thing, indicating a strong market.
“We want to go for a high standard and would like this particular project to stand out, “ he said.
“We’re a lot smaller than the big boys, so we have to prove ourselves through the quality we provide.”
Pitt Street has been at the centre of a number of student developments in recent years, including St James’ Point, the 216-bed accommodation block, and the Newcastle University Business School, which was built in 2011 on the site of the former Newcastle and Scottish brewery.
“We see it as an up-and-coming location and an attractive one for students,” Mr Woo added. “It will be right next door to Science City, for example, as well as the business school.”
It is anticipated that the project will be completed by August 2015, with the first students moving in at the beginning of the September term.
Malcolm Hart, joint director at the Sunderland-based Hallgate Construction, said: “We tend to be selective with our contracts, taking on larger jobs rather than lots of smaller contracts. In the past, we’ve been heavily involved in care homes.
“This is first venture into student accommodation, but it is a similar kind of work.”
Mr Wong said: “Newcastle has so much growth potential; it is hard not to invest into such a beautiful place as Newcastle, where I have lived, growing up, and trained as a quantity surveyor.”
The new studio flats will be available for rent or to buy. Through the JSK group of companies, Mr Wong is also planning developments in China and Australia.
The W Group previously known as the Wong Kwok Group, was established by the late Datuk Seri Panglima Dr. Wong Kwok who is father to the Managing Director, Mr. Johnny Wong in the early 1950s. To date with more than 60 years of history, The W Group has 16 subsidiary companies and employs more than 2,000 employees. The W Group is a very established business entity in Malaysia that specializes in property development, construction, manufacturing, trading and services.
In the property development and construction sector, the group has built and delivered more than 30,000 apartment units with a nett sales value of over RM3 billion. With years of solid business foundation and corporate fundamentals, Mr. Johnny Wong felt that it was timely to bring our Malaysian bedrock values of continuous improvements in building designs, workmanship and service guarantee abroad.
Thus, as part of W Group's expansion plan to penetrate international markets, Mr. Johnny Wong formed the JSK Group of Companies. JSK Group of Companies currently has a business presence in SEA countries, China, UK, Australia, India and the Netherlands.