SYDNEY (CU)_Over the recent past, a string of Japanese property developers like Daiwa House, Asahi Kasei and Kajima, have made inroads into the Australian market. They will now be joined by a real estate giant who has made a $232 million investment in Frasers Property’s MAC Residences project.
Tokyo-listed Mitsui Fudosan bought into the Australian housing dream through its investment in the 24-storey tower located in Sydney’s Macquarie Park. It comprises of 269 build-to-sell apartments, of which more than 90 per cent have already been sold. The project is due to be completed next year.
“MAC Residences at Midtown MacPark is the ideal project to mark our entry into the Australian market,” Masayoshi Saito, the managing director of Mitsui Fudosan Australia, said. “Additionally, we have an established global relationship with Frasers Property and our two businesses are deeply aligned in our commitment to create high-quality projects which leave a positive legacy.”
The new partnership between the two companies was welcomed by Mark Gleeson, the executive general manager for investment at Frasers. “A core principle of our strategy is to pursue our growth agenda through aligning with like-minded capital partners to complement the skills, experience and strength of the platform that we’ve built,” he said. “We’re pleased to partner with Mitsui Fudosan on the MAC Residences development at Midtown MacPark, where we’re applying our place-making and community development expertise to create Sydney’s next great urban neighbourhood.”
Frasers Property Australia is the local arm of Singaporean multinational real estate management company Frasers Property. MAC Residences marks the second joint venture between the two companies globally. The Bates Smart-designed tower will be provided with 100 per cent carbon-neutral energy supplied by Real Utilities, the wholly owned energy retailing business of Frasers Property Australia.
