September 2009 – Construction Update
Oracle galloping to great heights
IT is up, up and away for Australia’s largest commercial project under construction.
A floor is being built every four days at the $850 million Oracle twin towers development at Broadbeach – the only project in Queensland using the rapid system.
It supersedes the targeted six-day structural floor cycle, offsetting delays caused by the weather.
The Oracle, due for completion in mid 2010, is being developed by Niecon, led by the Con Nikiforides.
The company has contracted Melbourne-based Grocon to construct it.
Oracle building site. Photo of COO Mark Johnson (R) and Superintendant Richard Wilkinson. Pic: Richard Gosling
It is one of only a handful of projects going ahead on the Gold Coast, with many others stalled or cancelled until market conditions improve.
Mr Nikiforides said, including everyone, the project employed 2500 people, helping boost the Gold Coast employment figures.
More than 50 independent sub-contractors have been employed by Grocon, taking it to between 400 and 500 workers.
At the end July the total hours worked to date by both work force and site staff hit a massive 790,000.
As the residential towers move up, the commercial precinct is also beginning to take shape.
“This component will provide an entire new street for Broadbeach featuring impressive architectural elements and chic retail zones,” said Mr Nikiforides.
“We expect the street to be fully leased prior to completion and certainly have been receiving immense interest from potential tenants.”
He said apartment sales were on target, with locals still holding the majority interest of more than 20 per cent of sales.
This is followed by Queensland purchasers at 18 per cent, while NSW, Victoria, WA and New Zealand make up 42 per cent of the buyers.
Mr Nikiforides said overseas investors had also dived into the buying pool in recent months.