This ambitious development plan will transform Sydney's Central Station precinct

Sydney’s Central Station precinct is set for a major redevelopment with the announcement of an ambitious plan to build a 24ha deck on top of the station.

The masterplan, which was released today, includes plans for 15 buildings and three parks and is expected to take 10 to 15 years to complete. The deck will bridge parts of Central and Ultimo that have been disconnected since the railway was built in 1874.

NSW Premier Dom Perrottet described the project as a once-in-a-generation opportunity.

“It will reimagine this iconic part of our CBD and transform it into a world-class precinct of shops, restaurants, office spaces, parkland and additional housing,” he said.

Minister for Infrastructure, Cities and Active Transport Rob Stokes said at least 30 percent of the Central Precinct Renewal will be devoted to public housing, as well as providing a new public square and social services hubs.

“This proposal will heal parts of our city that have been torn apart since the railway divided Surry Hills from Ultimo back in 1874,” he said. “The proposal includes multiple new over-rail connections including Devonshire Street bridge, to enhance pedestrian and bicycle access through Central Precinct and to surrounding neighbourhoods.”

CEO of the Committee for Sydney, Gabriel Metcalf, said while the committee welcomed the positioning of the development around public transport hubs, there were significant challenges to overcome.

“The real test is whether they can resolve the public realm issues of such a complicated site, with level changes and lots of passenger movements, to make it feel like a nice place to be,” he said. “Over station developments are notoriously tricky, and places like the Hudson Yards in New York have achieved only mixed success.

“For all of those reasons, this is going to be one of the most closely watched projects in Sydney: an incredible opportunity, but also one that will be quite a challenge.”

No official budget has been released but estimates put the work at $2 billion to $3 billion.

Monthly electric vehicle deliveries at NIO , XPeng , and Li Auto set a record in November. Things are looking even better for December.

EV demand isn’t an issue in China. Pricing, however, continues to be a struggle.

Sunday, NIO reported 20,575 deliveries for November, up about 29% from a year ago. Based on recent guidance, given with third-quarter earnings , NIO expects to deliver about 32,000 cars in December, a record, and up about 77% from a year ago.

Li reported 48,740 deliveries for November, up about 19% from a year ago. Based on recent guidance from Li’s third-quarter earnings , the company should deliver about 65,000 cars in December, up 29% from a year ago.

XPeng delivered 30,895 vehicles in November, up about 54% from a year ago. The midpoint of its fourth-quarter guidance, given on its third-quarter earnings report, was 89,000 cars, implying December deliveries of about 34,000 units.

December’s implied numbers would be a record for all three auto makers. EV demand in China is still solid. The bigger problem is competition. Citi analyst Jeff Chung recently wrote that the Chinese car market is still concerned about a “potential price war in 2025.”

He projects 2024 all-electric vehicle sales of 7.8 million units, up about 28% from 2023. Sales in 2025 should be up another 17% to 9.1 million cars. The problem: The industry has the capacity to make 28 million all-electric cars annually, according to Chung’s calculations. Capacity utilization that low typically isn’t great for profit margins.

At least there is demand. Combined, the three Chinese EV makers sold 100,210 vehicles in November. That’s a monthly record. December guidance implies about 131,000 cars sold, another record.

Coming into Monday trading, NIO stock was down about 51% this year while the S&P 500 was up about 26%. XPeng and Li shares were down 17% and 37%, respectively.

This ambitious development plan will transform Sydney’s Central Station precinct