Mitsui Fudosan Decides to Participate in Apartment and Community Housing Dwellings Development Project with 4 Buildings (Total of 884 Units) Including Treehouse in the Sydney Suburb of Macquarie Park
September 4, 2023
Mitsui Fudosan Co., Ltd.
Key Points of this Release
- Following on from MAC Residences, which was the first stage (partial participation by Mitsui Fudosan) of the Midtown development project, the Mitsui Fudosan Group will also participate in the second and third stages of the project
- Apartment and community housing dwellings development project in the Macquarie Park area near Sydney
- Project partner is Frasers Property Australia Pty. Ltd., a leading Australian property developer
Tokyo, Japan, September 4, 2023 - Mitsui Fudosan Co., Ltd., a leading global real estate company headquartered in Tokyo, announced today that it has decided to take part through MITSUI FUDOSAN AUSTRALIA PTY. LTD. (Location: Sydney) in an apartment development project with 3 buildings, including the Treehouse apartment building, and a community housing dwellings development project with 1 building (total of 4 buildings and 884 units) in Macquarie Park, a district in suburban Sydney, New South Wales, Australia.
This will be Mitsui Fudosan’s second project in Australia. The Midtown development project will integrate approx. 2,200 apartment units, approx. 1,100 community housing dwellings units and various types of facilities including schools. Following on from MAC Residences, which was the first stage (partial participation by Mitsui Fudosan) of the Midtown development project, Mitsui Fudosan will also participate in the second and third stages of the project.
The project partner is Frasers Property Australia Pty. Ltd. (Location: Sydney) (hereinafter “Frasers Property Australia”). Mitsui Fudosan will integrate its product planning and business development capabilities with those of Frasers Property Australia and will move ahead with the apartment and community housing dwellings projects to capture solid demand for housing in Australia.
Treehouse will consist of 162 apartments across 16 floors. Retail facilities such as a supermarket are scheduled to move into the first-floor space, making this a development geared toward families. A park and other green spaces are also planned for the site to ensure that a specific proportion or more of the site area is green, and environmental measures are scheduled to be implemented to integrate the development of the site with the surrounding green environment. Furthermore, Treehouse is expected 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 thermally efficient glass and smart meters.
In addition, this project includes the community housing dwellings development project. The contribution of high-quality community house dwellings is one of the NSW Government’s important policies to reduce the housing shortage caused by Sydney’s population growth.
Digital image of the exterior of Treehouse
Digital image of retail facilities on the first floor
[Location]
The project is located in Midtown, Macquarie Park, about 13 kilometers northwest of Sydney 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), a university hospital and a newly opened metro line 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.
[About Frasers Property Australia]
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 145,000 homes. Frasers Property Australia was Mitsui Fudosan’s project partner for MAC Residences, Mitsui Fudosan’s first project in Australia. 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$40.1 billion as of March 31, 2023.
Frasers Property 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, with whom Mitsui Fudosan jointly promote the logistics facilities business in Bangkok, Thailand.
See https://www.frasersproperty.com.au/ (Frasers Property Australia’s corporate website)
[Mitsui Fudosan’s Overseas Business]
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 Western countries (the US and UK), as well as in cities in China, Taiwan, Southeast Asia and India. Mitsui Fudosan established an Australian subsidiary in 2019 and achieved its first project participation with the MAC Residences apartment. Following the project described in this news release, the Group will continue to pursue business expansion.
[Property Overview]
| Location | Macquarie Park, Sydney, New South Wales, Australia |
|---|---|
| Access | 6 minutes on foot from Macquarie Park Station on the Sydney Metro North West Line |
| Site Area | Approx. 135,625 ft2 (Approx. 12,600 m2) |
| Total Floor Area | Total approx. 790,071 ft2 (Approx. 73,400 m2) Treehouse building: Approx. 161,459 ft2 (Approx. 15,000 m2) Apartment building (1): Approx. 249,723 ft2 (Approx. 23,200 m2) Apartment building (2): Approx. 221,737 ft2 (Approx. 20,600 m2) Community housing dwellings building: Approx. 157,153 ft2 (Approx. 14,600 m2) |
| Structure | Reinforced concrete construction |
| Scale | Treehouse building: 16 floors above ground Apartment building (1): 24 floors above ground Apartment building (2): 19 floors above ground Community housing dwellings building: 16 floors above ground |
| Units | Total 884 units Apartment: 668 units (Treehouse building: 162 units, apartment building (1): 272 units, apartment building (2): 234 units) Community housing dwellings building: 216 units |
| Schedule | Treehouse building: Sales started in August 2022 Construction to commence in October 2023 (planned) Construction to be completed in December 2025 (planned) Other buildings: Construction to commence in 2024 or later (planned) Construction to be completed in 2026 or later (planned) |
| Project Partner | Frasers Property Australia Pty. Ltd. |
| Construction Company | Treehouse building: Parkview Other buildings: To be determined |
| Architect | Treehouse building: Fox Johnston Other buildings: To be determined |
[Map]
< Wide area view >
< Close-up view>
Mitsui Fudosan Group’s Contribution to SDGs
https://www.mitsuifudosan.co.jp/english/esg_csr/
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, and “Biodiversity” in March 2023. The Mitsui Fudosan Group will continue to work toward solving social issues through neighborhood creation.
[ References ]
・Group Action Plan to Realize a Decarbonized Society
https://www.mitsuifudosan.co.jp/english/corporate/news/2021/1124/
・Formulated Diversity and Inclusion Promotion Declaration and Initiatives Policy
https://www.mitsuifudosan.co.jp/english/corporate/news/2021/1129_02/
・Mitsui Fudosan Group Biodiversity Policy
https://www.mitsuifudosan.co.jp/english/corporate/news/2023/0413/
* The initiatives covered in this press release are contributing to four of the UN’s SDGs.
| Goal 10 | Reduce inequalities |
|---|---|
| Goal 11 | Sustainable cities and communities |
| Goal 15 | Life on land |
| Goal 17 | Partnerships for the Goals |
