ASX-listed Stockland and Japanese homebuilder Sekisui House have teamed up to boost new housing in growth areas in the southwest and northwest of Sydney.
The agreement will strengthen Stockland’s presence in Sydney’s southwest by developing the Lakeside precinct at Gledswood Hills, while allowing Sekisui House to grow its home building business at Stockland’s Elara and The Gables masterplanned communities in north-west Sydney.
The Lakeside precinct at Gledswood Hills covers about 34 hectares and will allow Stockland to deliver up to 448 home sites with access to the surrounding Lakeside Golf Club Camden, Leppington train station and the future Western Sydney Airport.
Under the agreement, Sekisui House will have access to home sites at The Gables and Elara for development.
“This partnership aligns with our strategy to expand our landholdings in highly sought-after areas that have good transport connectivity and access to schools, retail and services, and employment,” Stockland CEO of Communities Andrew Whitson said.
“Lakeside is a good fit with the Stockland residential portfolio and will add to the $1.8 billion Stockland has invested in New South Wales,” said Whitson.
Richard Rhydderch, NSW Communities General Manager, said they expected to attract solid demand from homebuyers given the undersupply of residential land in that corridor and the appeal of premium lots in masterplanned communities.
“The prestigious and picturesque Lakeside precinct is part of Sekisui House’s active Gledswood Hills development with a recently-opened primary school and the proposed 7.5-ha heritage-inspired Gledswood Village, which will include boutique shopping, café, restaurants and community facilities,” Rhydderch said.
“Our well-appointed and sustainable SHAWOOD homes have been hugely popular in the south-est and we are excited to be able to introduce more choice and premium housing options to homebuyers in the north-west through this agreement with Stockland,” Sean Osawa, CEO of Residential Communities and Home Building at Sekisui House Australia, said.
The agreement comes after Japanese property developer Mitsui Fudosan entered the Australian property development market by partnering with Frasers Property to develop an apartment project in Sydney last month.
Other recent housing development deals include SIG Group’s purchase of a 162-hectare housing development site in Melbourne’s western suburb of Tarneit and National Pacific Properties’ sale of a town centre development site in Melbourne’s outer suburbs for $67.65 million.
Last December, Mirvac bought an 80ha parcel of zoned land in Cobbitty, located about 60km southwest of Sydney’s CBD, to develop into a masterplanned neighbourhood, while developer Peet purchased about 15 hectares of land in Belconnen in the ACT from the University of Canberra for about $67 million.