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No Date Set for Works

THE global downturn has hit the massive Frasers development site in Chippendale with the company's owner stating there is no firm start date for construction to begin reports Kim Shaw in Central of 22 April 2009.

Erasers Property owner Stanley Quek said he would consider the options at the end of the year, but that it didn't make sense to launch the project amid economic uncertainty.

Demolition works will continue and the company will allow temporary community uses on the 5.8 ha site. These include artists studios and community gardens.

Balfour Park is still going ahead and is scheduled for completion in December with the Main Park to be completed in December 2010.

Erasers Property has announced that construction on the residential and commercial component of the site will start sometime in 2010 and will continue over eight to 10 years.

The company tried to tone-down earlier reports that the project had been put "on hold".

"Frasers Property acknowledge that these are challenging times for the development industry with reduced access to project funding for large scale developments," a company statement read.

The site will eventually house 2500 dwellings and work space for 5400 people.

Source: Central 22 April 2009