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Opal Tower developer Ecove withdraws from Sirius project

Su-Lin Tan
Su-Lin TanReporter
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The developer of Opal Tower, Ecove, has withdrawn from the bid process to redevelop the controversial Sirius public housing site at The Rocks in Sydney.

Earlier this month, the Australian Financial Review revealed Ecove's bid with development partner Aoyuan has been shortlisted alongside Sydney eastern suburbs developer RDA Property Group, led by former fashion identity Danny Avidan, and JD Capital, a private developer said to be linked to one of Vietnam's wealthiest families.

Ecove only has a minority interest in its alliance with Aoyuan.

The brutalist building Sirius seen from the top.  AIRVIEW GROUP

Aoyuan remains on the shortlist and will vie for the chance to build apartments at the site, tipped to be sold for about $120 million to $150 million.

"The Government is evaluating proposals for the Sirius site and has shortlisted a number of proponents," a Property NSW spokesman said.

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"Ecove was previously a minority member of one of the shortlisted consortia, but has withdrawn from the process."

"The evaluation process is ongoing and yet to be finalised and remains commercial in confidence."

The winning group to take on Sirius's redevelopment was due to be announced in early December but has been delayed.

Local politicians have been agitating the NSW government not to sell the site to Ecove, which developed Opal Tower, the defective tower in Sydney Olympic Park. Opal's builder Icon and engineer WSP are, however, responsible for reparation works at the 36-storey, 392-unit tower after hob beams failed on several floors on Christmas Eve.

The NSW government's independent investigators also declared the tower structurally sound.

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Sirius, a former public housing tower, has been embroiled in controversy since plans to sell the 3647sq m historic site were announced. The sale will allow its future owner to demolish the 1970s Brutalist building sitting on the site.

A new construction will accommodate about 79 units with height limits capped to protect local views of the Sydney Opera House and Harbour Bridge.

Angry resident groups as well as public housing tenants who had lived in the building since 1980, when the building was completed, took the matter to court after the NSW government refused to list it as heritage. The sale proceeded despite a win by residents.

The Sirius building at The Rocks.  Jessica Hromas

The remaining shortlisted groups are well-known in the residential development industry except for JD Capital.

Aoyuan builds apartments and houses - its flagship project is the $400 million residential tower ONE30 Hyde Park in the Sydney CBD.

RDA has built luxury boutique apartments across Sydney's most exclusive suburbs, including Bronte and Surry Hills.

Su-Lin Tan reported on housing, commercial real estate and property finance. She also covered China and Asian business, trade and politics. Connect with Su-Lin on Twitter. Email Su-Lin at stan@afr.com.au

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