* Information contained in this news release is current as of its date of announcement. Be aware that information contained herein is subject to change without notice.
January, 11, 2022
Mitsui Fudosan Co., Ltd.
Tokyo, Japan, January, 11, 2022- Mitsui Fudosan Co., Ltd. (Hereinafter “Mitsui Fudosan”), a leading global real estate company headquartered in Tokyo, hereby announces that it has decided to take part through MITSUI FUDOSAN AUSTRALIA PTY. LTD. (Location: Sydney) in the MAC Residences condominium housing project in Macquarie Park, a district in suburban Sydney, New South Wales, Australia.
This will be the first project that Mitsui Fudosan has undertaken in Australia. Its partner will be Frasers Property Australia Pty. Ltd. (Location: Sydney; hereinafter “Frasers Property”), a leading Australian developer. Mitsui Fudosan will integrate its product planning and business development capabilities with those of Frasers Property and will move ahead the condominium housing project to capture the solid demand for housing in Australia.
This project will consist of condominium housing with 24 floors above ground with a total of 269 units. A childcare facility is scheduled to move into the first floor, making this a development mainly geared toward families. It isalso planed to acquire a 5-Star rating under the Green Star Design Rating which is an environmental performance certification through the installation of items such as solar panels, thermally efficient glass and smart meters. This project will be the first-stage development of the Midtown development project that will integrate approx. 2,200 condominium units, approx. 1,100 social and affordable housing units and various types of facilities including schools.
Digital image of the exterior
Digital image of a room interior
The project is located in Midtown, Macquarie Park, about 13 kilometers northwest of Sydney’s CBD. It is one of the best connected communities in Sydney, with a world-class university (Macquarie University), a number of commercial headquarters of global corporations, one of the largest retail malls in NSW (Macquarie Centre) and an university hospital. A new metro line has opened in 2019. Moreover , there is easy access to arterial roads and extensive public transport options including rail and bus connections, and further development is expected in the future.
Frasers Property Australia plans, delivers and manages projects through the full property cycle across the mixed-use, residential (both build-to-sell and build-to-rent) , commercial and retail sectors. Since 1924, it has built over 144,000 homes in stronger, smarter, happier neighbourhoods. Frasers Property Australia is part of SGX-listed Frasers Property Group, a multi-national developer-owner-operator of real estate products and services across the property value chain with total assets of approximately S$40.3 billion as at 30 September 2021. The Group is part of TCC Group's property developer arm. Frasers Property Australia is within the same group as Frasers Property Industrial (Thailand) Company Limited, which we jointly promote the logistics facilities business in Bangkok, Thailand.
See https://www.frasersproperty.com.au/ (Frasers Property's corporate website)
One of the aspirations of VISION 2025, the Mitsui Fudosan Group’s long-term management policy, is “to evolve into a global company.” Accordingly, the Group will continue to seek robust growth in the overseas business. Mitsui Fudosan has been conducting business in countries and regions in Western countries, in addition to places such as China, Taiwan, Southeast Asia and India. Mitsui Fudosan established an Australian subsidiary in 2019 and achieved its first project participation with the MAC Residences condominium housing. The Group will continue to aim for growth expansion going forward.
|Location||Macquarie Park, Sydney, New South Wales, Australia|
|Access||5 minutes on foot from Macquarie Park Station on the Sydney Metro North West Line|
|Site area||Approx. 33, 370 ft2 (Approx. 3,100 m2)|
|Total floor space||Approx. 232,500 ft2 (Approx. 21,600 m2)|
|Structure||Reinforced concrete construction|
|Scale||24 floors above ground|
|Number of apaartment units||269|
|Residential area||Approx. 463-1,410 ft2 (Approx. 43-131 m2)|
|Schedule||Construction commenced in October 2021
Completion 2023 (planned)
|Project partner||Frasers Property Australia Pty. Ltd.|
|Construction company||Parkview Constructions Pty. Ltd.|
|Architect||Bates Smart Pty. Ltd.|
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The Mitsui Fudosan Group aims for a society that enriches both people and the planet under the principles of coexist in harmony with society, link diverse values and achieve a sustainable society, and advances business with an awareness of the environment (E), society (S) and governance (G), thus promoting ESG management. By further accelerating its ESG management, the Group will realize Society 5.0, which the Japanese government has been advocating, and contribute significantly to achieving the SDGs. Additionally, the Group formulated the following Group guidelines related to “Realize a Decarbonized Society” and “Diversity & Inclusion Promotion” in November 2021. The Mitsui Fudosan Group will continue to work toward solving social issues through neighborhood creation.
Group Action Plan to Realize a Decarbonized Society
Diversity & Inclusion Promotion Declaration and Initiative Policy
*This news release contributes to accomplishing two of the goals aimed in SDGs