China’s Poly Group partners with Watpac

The Chinese developer Poly Group is stepping up its plans to build a $300 million office building near Circular Quay and has hired the listed construction group Watpac to contract early projects.The project is Poly Group's first office real estate project in Australia, designed to take advantage of the current hot office rental market and tenants' desire for high-end office space.The move also shows Poly Group's confidence in Sydney's Poly Center, located at 210-220 George Street, and the architectural design firm Grimshaw won the design award for designing the building.Watpac Construction Group will work closely with Poly Australia and its design team to plan, manage and organize the project. The early works it was responsible for were carried out prior to the first phase of construction, and the main contract for the project may be awarded later this year.Arthur Wang, managing director of Poly Australia, said that Watpac's projects are all over the Sydney CBD. He said: "Watpac continues to deliver high quality construction projects throughout Australia and has a proven track record of construction for a long time." Poly Australia will be able to work with Watpac on more projects in the future.Martin Monro, managing director of Watpac, said the Sydney Poly Centre will be an important part of Sydney's CBD Circular Quay, which is conveniently located for easy access to the new subway on George Street.Due to its location, the building will be in the same name as the Quad Quate Tower developed by AMP Capital and the Circular Quay Tower developed by Lendlease. It is reported that these towers and a building developed by Mirvac are actively seeking Deloitte, one of the Big Four accounting firms, as a pre-committed tenant.