Development and Rental of 45-Story Apartment in Sydney, Australia... Team Korea Signs Investment Agreement

Hyundai E&C, KIND, and KB Real Asset Join Forces
Total Project Cost: KRW 35 Billion

Hyundai Engineering & Construction announced on September 22 that it has signed an investment agreement with Korea Overseas Infrastructure & Urban Development Corporation (KIND) and KB Real Asset for the development of a high-rise apartment complex in Chatswood, Sydney, Australia.

The project involves the development and rental (build-to-rent, BTR) of a 45-story apartment building comprising 260 units, with a total project cost of KRW 35 billion. This agreement is based on the business agreement previously signed between the three parties in February. At that time, the 'Team Korea' consortium was formed to combine the expertise of private enterprises with the policy support capabilities of public institutions, with plans to jointly invest in and cooperate on real estate projects in major countries such as the United States and Australia.

This Australian apartment development is located near the largest commercial district in northern Sydney, just 50 meters from Chatswood Station, which is a significant transport hub, providing excellent residential and transport infrastructure. Hyundai Engineering & Construction has participated in this project from the initial stage, taking responsibility for equity investment, technical and design review, and overall project management for construction. Local builder Hickory will handle construction, while local developer Novus will be in charge of operations. The plan is to start demolition of the existing building in November this year and begin main construction in March next year, with completion and move-in targeted for October 2029.

A rendering of the Chaswood high-rise apartment in Sydney, Australia, with participation from Hyundai Construction. Provided by Hyundai Construction

Australia is currently experiencing a structural supply-demand imbalance in the housing market, as ongoing population inflows persistently outpace the supply of new homes, resulting in growing rental demand. According to a population outlook report released last year by the Australian government’s Centre for Population, Sydney is projected to attract the largest number of overseas migrants in Australia over the next decade.

A Hyundai Engineering & Construction representative said, "We are prioritizing entry into advanced overseas markets, where housing demand is expected to increase, as a key growth strategy. We are focusing on enhancing our competitiveness by leveraging our business capabilities in EPC (engineering, procurement, and construction), housing construction technology, and product offerings. Through diverse overseas operations, we aim to secure local housing construction data and networks, while also establishing optimal business strategies to quickly establish a foothold in the global real estate market."

This content was produced with the assistance of AI translation services.