Leighton Asia wins Vipul Aarohan Residences project in India12 Apr 17
Leighton Asia has been issued a Letter of Award by Vipul Limited to deliver phase one of the Vipul Aarohan Residences project in Gurgaon, India.
The parties are to finalise the terms and execute the Alliance Agreement within 14 days.
The A$125.41  million project will generate revenue of approximately A$108.4 million for Leighton Asia, which is part of CPB Contractors.
CIMIC Group Chief Executive Officer Adolfo Valderas said: “CIMIC Group and Leighton Asia’s major project experience and diverse construction capabilities continue to provide us with opportunities within the highly competitive Asian market.
“We value the opportunity to work with Vipul Limited to contribute our expertise towards the efficient and effective delivery of this high-end building project, which will bring significant socioeconomic benefits to the people and communities of the Gurgaon district.”
CPB Contractors and Leighton Asia Managing Director Román Garrido said: “Our team’s commitment to working with the client on innovative design and construction methodologies will optimise project results and deliver a high-quality asset of lasting value.
“The Vipul Aarohan Residences is our fourth major development project won in India in the past nine months, following the awards of Maker Maxity and Ten BKC, both located in Mumbai, and the IKEA retail outlet in Hyderabad, with a combined revenue of approximately A$542 million.”
Phase one of the Vipul Aarohan Residences project includes three residential towers and a club retreat building, with a total built-up area of approximately 160,000m2.
Current early works include phase one excavations, construction of the show gallery structure and finishes and entry gate portal structure, landscaping and other site mobilisation establishments.
Gurgaon is a leading financial and industrial hub with the third-highest per capita income in India.
Construction for the main contract works is expected to commence in April 2017 with completion by September 2020.
[1 – Using the exchange rate of US$1=A$1.29]