You're right about completion of the project and the market...

You're right about completion of the project and the market being asleep.

But the proportions are wrong.

CDP owns half of Carindale.
The other half of Carindale is owned by the Lend Lease managed Australian Prime Property Fund.
i.e. it isn't owned by SCG.

So CDP's half share of the $50m project cost is $25m, not $16m, and the future reduction in CDP's capital expenditure will be $25m, not $16m

The $16m SCG share comes from SCG being a 62% owner of CDP.
SCG's share of the CDP project cost
= $25m * 62%
= $15.5m

I've also calculated my personal share of the project cost, but it won't wake up the market.