Join our daily newsletter At The Bell to receive exclusive market insights
- CIMIC (CIM) subsidiary CPB Contractors in joint venture with Downer, is selected to deliver the Warringah Freeway Upgrade
- The total value of the contract is $1.18 billion and it will generate roughly $800 million in revenue to CPB Contractors
- Located in North Sydney, the Warringah Freeway Upgrade will provide a link between the Northern Beaches Tunnel and the Western Harbour Tunnel
- Ultimately, it will optimise traffic flow, reduce the number of merge points and introduce a south-bound bus lane
- CIMIC is down a slight 0.61 per cent on the market with shares trading at $21.20 at 3:48 pm AEST
CIMIC (CIM) subsidiary, CPB Contractors, in joint venture with Downer, has been selected to deliver the Warringah Freeway Upgrade.
The total value of the contract is $1.18 billion and it will generate roughly $800 million in revenue to CPB Contractors.
Located in North Sydney, the Warringah Freeway Upgrade will provide a link between the Northern Beaches Tunnel and the Western Harbour Tunnel.
Ultimately, it will optimise traffic flow, reduce the number of merge points and introduce a south-bound bus lane.
CIMIC Executive Chairman and CEO Juan Santamaria commented on the upgrade.
“The Warringah Freeway upgrade is key to a city-shaping network of roads that will reduce congestion in Sydney, as population and transport demand grow,” Mr Santamaria commented.
“The project will improve traffic flow and create better connections. We’re proud to be involved with the delivery of efficient urban transport networks and the creation of more liveable cities.”
CPB will upgrade roughly four kilometres of the Warringah Freeway and associated works which include a dedicated bus lane and transport links for cyclists and pedestrians.
CPB Managing Director Jason Spears is pleased to have received the contract.
“We are pleased to have entrusted by the NSW Government to deliver this important upgrade to the northern approach of the Sydney Harbour Bridge,” Mr Spears said.
Work is expected to begin early next year and, subject to design and construction, is estimated to take five years to complete.
CIMIC was down a slight 0.61 per cent on the market with shares trading at $21.20 at 3:48 pm AEST.
