4 August 2004

St Hilliers has commenced construction on the redevelopment of a Kings Cross landmark into a prestige residential apartment building.

St Hilliers was awarded the $35 million Design and Construct contract to convert the former Millennium Hotel, above the William Street Tunnel at Kings Cross, into a 97 luxury apartment complex, to be known as the Zenith Residences.

St Hilliers negotiated directly with client, Kingsgate Investments Pty Ltd, a subsidiary of the publicly listed Singapore company Hong Leong Group Singapore, over a five month period to achieve the best outcome for the project. The scope of works involves complete replacement of all services in the building and the replacement of the fa??üade and new balconies.

St Hilliers Managing Director, Tim Casey, said St Hilliers was awarded the contract because of its extensive residential development and construction experience and expertise in managing large, complex projects.

"We were able to provide the client with a feasible and economic outcome to enable the project to proceed in an environment of increasing costs and restricted ability to increase or maintain original revenue forecasts on residential developments," he said.

"The Zenith Residences is one of our more challenging projects because of the location of the site, which is adjacent to extensive civil works being undertaken for the Eastern Distributor. However, our recent experience on the nearby Motel Formule 1 shows our capability to manage construction on difficult sites in Kings Cross and we look forward to successfully delivering this project."

The project is scheduled for completion in September 2006.