Amidst swirling reports that it is working on a $4.9 billion takeover of Centro Properties Group's Australian assets, Lend Lease Group revealed on Monday two upcoming projects worth an estimated $1 billion that will keep the company busy over the next three years.

Lend Lease chief executive Steve McCann said today that its subsidiary, Abigroup, has been tapped to continue working on a Brisbane hospital that has already commenced construction in January 2009, with the firm being awarded the supervision of the project's two-stage development.

Lend Lease said that the construction and completion of $900 million Queensland Children's Hospital will be administered by Abigroup, which the developer has purchased in March this year.

The Brisbane-based pediatric medical center, according to Lend Lease, will consist of a 359-bed hospital and 12-stories clinical building that are set fro completion by the first half of 2014, with much of the work handed to Abigroup mostly covering the second stage of the contract.

Along with that hospital project, Lend Lease also disclosed that it has secured a contract that calls for the renovation and expansion of the Wallace Wurth building, which is part and located inside the campus of the University of NSW's Kensington in Sydney.

The $122.5 million work project will see the construction of a new wing and an additional level on the building, work activities of which will commence soon and targeted for completion by March 2014.

McCann said that the new projects highlight the construction firm's continuing growth on its emerging niche market of social infrastructure, which adds up to its thrust of raising the company's presence on the commercial property industry.

Lend Lease has reportedly tossed an offer to Centro, according to a recent Financial Times report, which analysts said will effectively shore up the debt-plagued commercial property player while at the same time will open up new doors for the largely construction company.