A CONSORTIUM of Transfield Holdings , Obayashi Corporation and developer Mr Jose de la Vega has won the right to redevelop the neglected Walsh Bay area on Sydney Harbour into a $400 million residential and entertainment precinct.

Known as Walsh Bay Properties, the group knocked out such heavy-hitting competition as CRI Ltd and publishing heir Mr James Packer, who was in partnership with FAI and Melbourne developer Mr David Marriner's Staged Developments Australia .