Hyundai Engineering and Construction Targets Global Housing Development Market with KIND and HanTu Real Asset in Australian High-Rise Project

[Financial News] Hyundai Engineering and Construction said on the 22nd that it had signed an investment agreement with the Korea Overseas Infrastructure & Urban Development Corporation (KIND) and HanTu Real Asset for a high-rise apartment development project in a key residential area of Sydney, Australia. The company plans to step up its push into the global housing development market.
The agreement was reached based on a memorandum of understanding signed by the three parties in February. At the time, they formed 'Team Korea' by combining the expertise of private companies with the policy-support capabilities of public institutions. They agreed to jointly invest in global real estate projects in the United States, Australia, and New Zealand, making this project their first result.
The project will be developed in a prime location just 50 meters from Chatswood Station, a key commercial district and public transportation hub in northern Sydney. With a total project cost of approximately KRW 350 billion, it will involve the construction and leasing of a 260-unit ultra-high-rise apartment building extending from underground space to 45 floors above ground under the BTR (Build to Rent) model. The development is expected to become a landmark that reshapes the skyline of northern Sydney.
Hyundai Engineering and Construction, which has actively participated since the project's early development stage, will make an equity investment under the agreement and oversee technical and design reviews as well as overall project management covering construction. Construction will be handled by local builder Hickory, while operations will be managed by project developer Novus. Demolition of the existing structures is scheduled to begin this November, followed by main construction in March next year, with occupancy targeted for October 2029.
Sydney has recently faced a structural imbalance in supply and demand, with housing supply falling far short of demand amid continued population inflows. The city is considered a key market where demand for rental housing is expected to surge, as it is projected to receive the largest number of overseas immigrants over the next 10 years. Hyundai Engineering and Construction plans to secure high-quality local housing construction data and global networks in this market environment, while accelerating its entry into advanced overseas markets based on its distinctive housing construction technology and product planning capabilities.
A Hyundai Engineering and Construction official said, "We are making developed overseas markets with surging housing demand a key pillar of our growth strategy and focusing on strengthening our competitiveness in engineering, procurement, and construction (EPC) as well as housing construction technologies. Through various overseas projects, we will secure high-quality local housing construction data and networks, establish optimal business strategies, and quickly establish ourselves in the global real estate market."

[email protected] Jeon Min-kyung Reporter