Geocon's Republic precinct fast-tracked to be finished in just over three years Geocon最新的建案將要在三年內完工！
Geocon's $1 billion mixed-use Republic precinct has been accelerated to be built in just over three years.
The development was originally slated to be built over 10 years, but on Tuesday, Geocon announced a financing deal with international investment bank Goldman Sachs.
Geocon said the move was due to "unprecedented" demand for apartments in the capital.
Construction of the precinct's Republic, Dusk and High Society buildings will be run concurrently, in what Geocon said will be record time with the first 1000 apartments, public car park, a hotel, office spaces and restaurants built at the same time.
The precinct was designed by Fender Katsalidis, the architects behind the NewActon precinct.
Geocon's managing director Nick Georgalis said the company had taken the "unprecedented step" of delivering the first buildings in one go, rather than in stages.
"We will deliver more than half a billion dollars' worth of stock to help a rental market which has reached crisis point," Mr Georgalis said.
He said high rental costs and Canberra's low vacancy rates left the developers no choice but to fast-track the project and release more stock to a "starved market".
Geocon says it has a 50 per cent share of Canberra's apartment market.
"Republic stage one was 70 per cent sold out before a shovel was in the ground," he said.
"Stage two, High Society, hasn't even been launched yet but we've been inundated with inquiries, with more than 1000 registrations of interest."
High Society will be two, 27-storey buildings, making it the tallest in Canberra. The towers alone were estimated to cost $300 million and have 541 apartments, a 135-room Abode Hotel and retail and commercial space.
He said Canberra was undergoing a "remarkable" transformation, with $234 million in urban renewal spending, a new light rail system and a population to increase by six per cent by 2020.
"Coupled with the highest wages in Australia, its lowest unemployment rates, and a new international airport opening up gateways to Asia and beyond, Canberra presents the best opportunity for investors in the country."