The Star reaches settlement with Queen’s Wharf Brisbane property contractor

The Star and Multiplex Constructions Qld, the principal contractor for its Queen’s Wharf property in Brisbane, have reached an agreement.

Depending on Multiplex’s project delivery timelines, The Star’s compensation costs might range from AU$30 million ($20.5 million) to AU$85 million ($58 million). In August, Multiplex filed a lawsuit against the Destination Brisbane Consortium, a joint venture for the project that is owned 25% by Chow Tai Fook and The East Consortium and 50% by The Star. The lawsuit included demands for damages, time delays, and higher costs.

A combination of existing funds and fresh equity contributions from joint venture participants will be used to pay for the settlement. With settlement agreements included, the estimated total cost of finishing Queen’s Wharf for The Star is around AU$110 million ($75.1 million). In addition, the settlement postpones and resolves claims that originated before the agreement’s effective date.

The dispute’s resolution is seen favorably since it clears up any confusion and allows the project team to focus on completing the revolutionary precinct by April 2024.

Original story by: Asia Gaming Brief