Lend Lease leads field for USAF housing deal

Lend Lease leads field for USAF housing deal
Florence Chong
June 21, 2007

ACTUS Lend Lease, the US subsidiary of Lend Lease Corp, is the preferred tenderer for a $US400 million ($475 million) US Air Force housing project.
The contract is worth $US50 million more than anticipated, a spokeswoman said.

Lend Lease has been in exclusive negotiations with the US Air Force for the second phase of the family housing project at Hickam Air Force Base in Hawaii.

The negotiations are expected to be finalised next financial year.

The latest contract involves developing, constructing, renovating and managing about 1120 houses over 50 years.

The project has an initial development value of about $US400 million over seven years.

Actus Lend Lease is already working on the first phase, which involves about 1350 houses and has an ongoing five-year initial development expenditure of $US240 million.

Actus was selected in March as the preferred bidder to develop military family housing at three US Air Force bases in California and Colorado.

So far, it has secured between 23 per cent and 30 per cent of the contracts to come out of the $US20 billion military privatisation program.

It owns and manages more than 38,000 houses in the US, valued at about $US5 billion, under 50-year concessions.