Hyundai Engineering & Construction has partnered with the Korea Overseas Infrastructure & Urban Development Corporation and Korea Investment Real Asset Management to deliver a 45-storey Build to Rent development in Chatswood, northern Sydney.
Hyundai E&C stated that it had signed an agreement with the two organisations to develop the $350bn scheme, which will comprise 260 Build to Rent homes. The agreement follows a memorandum of understanding signed by the three parties in February, when they formed the Team Korea consortium to jointly pursue real estate investment opportunities across Australia, Bulgaria, New Zealand and the US.
The Chatswood development is the consortium’s first development. The site is located around 50 metres from Chatswood Station, which is a major transport hub in northern Sydney, and sits within one of northern Sydney’s largest commercial districts.
“Hyundai E&C is making an entry into advanced overseas markets where housing demand is expected to grow, focusing on strengthening our competitiveness based on our distinctive capabilities in (engineering, procurement and construction), housing construction technology and products as a key part of its growth strategy.
“We will secure high-quality local housing construction data and networks through various overseas projects while developing optimal business strategies to establish an early foothold in the global real estate market.”
Spokesperson, Hyundai E&C
Hyundai E&C has been involved in the scheme since its early development stages. Under the agreement, it will provide equity investment and oversee technical and design reviews, alongside overall construction management.
Australian construction company Hickory will be responsible for delivering the building, while local developer Novus will oversee operations. Demolition of the existing structures on the site is scheduled to begin in November, with main construction expected to start in March next year.
The Chatswood development forms the first scheme being pursued by the Team Korea consortium following its establishment earlier this year, with the partnership intended to identify and pursue further real estate investment opportunities across its target international markets.
