45-story, 260-unit BTR project near Chatswood Station in northern Sydney

Investment deal signed with KIND and Han투 Real Asset

Hyundai E&C to handle equity stake, design review and project management

Main construction set for March next year; move-in targeted for October 2029

A rendering of the high-rise apartment project in Chatswood, Sydney, Australia, for which Hyundai Engineering & Construction, KIND and Han투 Real Asset have signed an investment agreement. [Hyundai Engineering & Construction]
A rendering of the high-rise apartment project in Chatswood, Sydney, Australia, for which Hyundai Engineering & Construction, KIND and Han투 Real Asset have signed an investment agreement. [Hyundai Engineering & Construction]

Hyundai Engineering & Construction is pushing into the global real estate development market with a 350 billion won ($253 million) project to build a high-rise apartment tower in Sydney, Australia.

Hyundai E&C announced Tuesday that it has signed an investment agreement with the Korea Overseas Infrastructure & Urban Development Corporation (KIND) and Han투 Real Asset for the development of a high-rise apartment complex in Chatswood, Sydney.

The deal builds on a three-party MOU the organizations signed in February, under which they formed a "Team Korea" consortium combining private-sector expertise with public-institution policy support. The partners agreed to jointly invest and cooperate on real estate projects in the United States, Australia, New Zealand, Bulgaria and other markets.

The consortium's first project is a 260-unit, 45-story build-to-rent tower in the Chatswood area of northern Sydney, with a total project cost of 350 billion won. Located roughly 50 meters from Chatswood Station — a major transit hub adjacent to northern Sydney's largest commercial district — the development is expected to become a landmark on the city's skyline, with strong access to lifestyle and transport infrastructure.

Hyundai E&C, which has been involved since the project's early development stage, will handle equity investment, technical and design review, and overall project management. Local construction firm Hickory will carry out the construction work, while local developer Novus will manage operations. Demolition of the existing structure is scheduled for November, with main construction set to begin in March next year and move-in targeted for October 2029.

Australia is currently experiencing a structural housing shortage relative to sustained population growth, driving rising demand for rental units. A 2025 New South Wales population outlook report published by the Australian federal government's Centre for Population projects Sydney to receive more overseas migrants than any other Australian city over the next decade, making it a key market for housing development and rental businesses.

"Hyundai E&C is focused on entering advanced overseas markets where housing demand is expected to grow, leveraging our unrivaled capabilities in EPC, residential construction technology and products to sharpen our competitiveness," a company official said. "Through diverse overseas projects, we will secure high-quality local housing construction data and networks while establishing optimal business strategies to achieve an early foothold in the global real estate market."

Meanwhile, Hyundai E&C has been diversifying its order strategy by winning contracts abroad. South Korean construction companies had secured a combined $14.74 billion in overseas contracts as of the end of August, according to the Overseas Construction Association. Hyundai E&C led all domestic firms with $3.68 billion.


lucky@heraldcorp.com