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Cannix Yau

Hong Kong rail giant the MTR Corporation has won a bid as part of a consortium to design and build an underground metro station and develop property in Sydney’s second central business district.
The company said on Tuesday that it and its two partners – both subsidiaries of Malaysian engineering firm and developer Gamuda Berhad – won the bid as the joint-venture Riverside Link Consortium, with Australian media reporting the deal to be worth about A$880 million (US$635 million).
The deal is a major part of the Sydney Metro West project in New South Wales.
It will be key to the growth and development of Parramatta, a commercial and financial centre located 24km (15 miles) west of Sydney and regarded as the city’s second central business district.
“The project provides an opportunity for the MTR Corp to apply our experience in integrating transport infrastructure with residential, commercial and community development opportunities to create well-connected, vibrant and people-focused urban precincts,” David Tang Chi-fai, the rail giant’s managing director for property and international business, said.
The joint venture will be responsible for designing and building the Parramatta metro station by 2032. The facility is expected to cut train travel times from Parramatta to Sydney’s city centre to about 20 minutes.
The development also covers offices, retail and residential properties at and around the new station, which will be completed in stages following the opening of the railway.

Tang said the joint venture would leverage the MTR Corp’s proven “rail-plus-property” business model of developing commercial and residential real estate above stations to raise non-fare revenue and diversify financing sources.
Gamuda Engineering Pty Ltd Australia, the lead partner of the joint venture, is also building the Western Tunnelling Package, another part of the Sydney Metro West project, developing 9km of twin metro rail tunnels between Westmead and Sydney Olympic Park.
“This is more than just another station award. It’s the first time all three partners have joined forces on one integrated transport-oriented development for Parramatta,” Ewan Yee, the company’s CEO, said.
Michael Tien Puk-sun, a former chairman of the Kowloon-Canton Railway Corporation, said the MTR Corp’s winning bid showed Australia was interested in the rail-plus-property model, calling the approach successful and highly profitable.
“The MTR Corp’s rail-plus-property model has proved to be highly profitable through the development of property atop rail projects, as shown by strong gains of HK$7.7 billion [US$982 million] in the first half of this year from property development. That’s why it won the Australia contract,” he said.
“With the right to develop the property above the station of the Sydney Metro West line, the project will surely generate a sizeable profit and stimulate the business district’s economic activities. The MTR Corp has proved to be a global enterprise now.”


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An artist's impression of the new station in Parramatta for the Sydney Metro West project. Photo: Handout

An artist’s impression of the Parramatta Integrated Station Development, which includes retail and residential properties. Photo: Handout

(From left) Brian Downie, the MTR Corp's CEO of Australian business, joins Gamuda CEO Ewan Yee and David Ng, Gamuda’s chief financial officer, for the signing of the Parramatta Integrated Station Development contract. Photo: Handout

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The MTR's Tuen Mun South Extension, which is under construction. Photo: Edmond So

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Hung Shui Kiu station will be Hong Kong’s first built on an operating railway viaduct, with sections skidded into position beside the Tuen Ma line. Photo: MTRC

The MTR Corp says the construction method will require service adjustments on the Tuen Ma line when the station sections are skidded into place next year. Photo: Jelly Tse

News

Hong Kong

Transport

Rail giant and subsidiaries of Malaysian engineering firm Gamuda Berhad win bid as joint venture, in deal reportedly worth A$880 million


Rail giant and subsidiaries of Malaysian engineering firm Gamuda Berhad win bid as joint venture, in deal reportedly worth A$880 million.


MTR Corporation

Australia

Sydney

Hong Kong’s MTR Corp wins bid as part of group to build new Sydney station, properties

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Rail giant and subsidiaries of Malaysian engineering firm Gamuda Berhad win bid as joint venture, in deal reportedly worth A$880 million

Rail giant and subsidiaries of Malaysian engineering firm Gamuda Berhad win bid as joint venture, in deal reportedly worth A$880 million