Sydney’s city skyline is being transformed into a mini Manhattan with luxury residential towers soaring out of the ground to replace the increasingly embattled office skyscrapers.
Two proposed skyscrapers next to each other would transform the CBD skyline and effectively match the Sydney Tower Eye as the city’s tallest structure.
Investors are positive about Lendlease’s restructure,but there will be short-term pain while the process is under way to achieve long-term gain,analysts warn.
The hulking-out of Lendlease shareholders not only demonstrates just how aggrieved they were,but it is also a reminder that investors are the owners and in theory the board works for them.
The property giant will incur costs of up to $1.475 billion as it shifts away from the overseas construction markets and focuses on its Australian businesses.
Embattled chief executive Tony Lombardo will outline the global property giant’s direction,with investors bracing for a barrage of changes.
The installation of the intricate glass facade at the theatre will take about a year,developer Lendlease has revealed,kicking the already delayed delivery further down the road.
The Australian sharemarket was unable to hang on to its early gains as weakness in communication stocks pulled the bourse slightly into the red.
Many feel that the board has engaged in a bit of tinkering when full-scale renovation is needed.
Global property giant Lendlease has announced that chairman Michael Ullmer will retire at its annual general meeting in November,following concerns about the company’s underperformance.
The property giant has moved to simplify its business with the sale of life sciences interests in Asia,with chairman Michael Ullmer reportedly on his way out.