Date
25 November 2017
A massive waterfront redevelopment project is expected to revitalize Sydney's financial services industry. Photo: Bloomberg
A massive waterfront redevelopment project is expected to revitalize Sydney's financial services industry. Photo: Bloomberg

Sydney project aims to create new financial hub

The Barangaroo development on Sydney’s waterfront has seen the first of seven skyscrapers almost completed at the project, bringing closer a plan to revitalize the city’s financial services industry.

“This project is the biggest building project in Australia at this time,” Financial Times quoted Andrew Wilson, managing director, Lend Lease Barangaroo South, as saying.

“We now have businesses that are based in Singapore and Southeast Asia looking to make Sydney their base.”

The A$7 billion project, which is transforming a 22-hectare container shipping wharf into a commercial, residential and hospitality precinct, is expected to create a new financial services hub and employ 24,000 people by 2023.

Developers claim that it will revitalize Sydney’s financial services industry to enable it compete with Hong Kong, Shanghai, Tokyo and Singapore.

Sydney slipped to No. 23 last year in a ranking of global financial centers, from 10th place in 2010.

The new infrastructure project aims to improve the Australian financial capital’s attractiveness.

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FL/RC

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