Meriton Tops The ‘Crane Index’ With Mascot Central
Mascot Central has employed a record eight cranes to make quick work of the 1200-plus apartment site. In a city where the ‘crane index’ is considered a barometer of economic performance, Mascot Central is a shining picture of health.
The heightened construction activity comes as the Housing Institute of Australia releases its …HIA-Colorbond steel Housing 100′ 2013-14 roll call of Australia’s largest home builders, with Meriton attaining the coveted number one spot on the annual list. In 2013, Meriton’s construction activity was responsible for 0.03% of Australia’s GDP.
Unusually, Meriton is building the 1200 apartments at Mascot Central in one go rather than staging the development.
“Mascot is a very interesting site, for many reasons”, said Meriton managing director Harry Triguboff.
“Firstly, the City of Botany Bay council were very quick in approving the development. Secondly, we can build all at once here because 60 per cent of the site we will sell; 20 per cent will be serviced apartments; and 20 per cent will be leased residential. So we don’t have to find so many buyers at once and we will not depress the market. To do all this, we put up four tower cranes and when necessary, we also have mobile cranes.”
“Such industry confidence also leads to job creation. At the moment there are about 500 workers on the Mascot Central site; we expect it will soon become 1000,” says Triguboff.
“We are very excited about it. Mascot Central is moving very fast, selling very well. We never hurry in selling – we want to finish selling as we finish building. That is always our method.”
“Mascot Central also heralds a new benchmark in apartment design. Now is the time to build large apartments because interest rates are low”, said Mr Triguboff.
“You can’t build large units when interest rates are high. This is an opportunity for purchasers to get a better product and pay less.”