Japanese property developer Mitsui Fudosan has entered the Australian property development market after partnering with Frasers Property to develop an apartment project in Sydney.
The partnership will develop the MAC Residences project, which will comprise 269 apartments across 24 storeys in the $2.1 billion Midtown MacPark community in Sydney.
“MAC Residences at Midtown MacPark is the ideal project to mark our entry into the Australian market,” said Masayoshi Saito, Managing Director of Mitsui Fudosan Australia.
“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 building is scheduled for completion in 2023 with 91% of the MAC Residences apartments already sold.
The MAC Residences project will use Climate Active-certified carbon neutral energy and feature rooftop solar and smart meters.
The project is part of the Midtown MacPark master-planned community located 13km north-west of Sydney CBD and will comprise about 3,300 apartments and a range of community facilities.
Frasers Property is targeting a 6-star Green Star Communities rating for Midtown MacPark with plans for the project to be carbon neutral in operation.
“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,” said Frasers Property Australia Executive General Manager Investments Mark Gleeson.
“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.”
In other Sydney development news, Mirvac recently bought an 80ha parcel of zoned land in Cobbitty, located about 60km southwest of Sydney’s CBD, to develop into a masterplanned neighbourhood.
Mirvac said the project had the potential to deliver about 950 land lots near its recently completed Crest project at Gledswood Hills.
Last month, Centuria subsidiary Primewest bought a Woolworths-anchored retail centre under construction in Sydney from Fridcorp for $41.5 million, while Singapore-listed Keppel REIT purchased a grade-A office development in North Sydney for $327.7 million.