Hyundai Engineering & Construction is expanding its role in overseas real estate development by investing in a large-scale residential project in Sydney, Australia.
Hyundai E&C announced on Sept. 22 that it had signed an investment agreement with the Korea Overseas Infrastructure & Urban Development Corporation (KIND) and Korea Investment Real Asset Management for the development of a high-rise residential property in Chatswood, northern Sydney.
The project has a total value of approximately KRW 350 billion and will feature a 45-story apartment building with 260 units. The development will follow a build-to-rent (BTR) model, with the completed residences intended for rental rather than individual sales.
The site is located near one of northern Sydney’s major commercial districts and approximately 50 meters from Chatswood Station. Its proximity to public transportation and surrounding amenities is expected to support demand from local residents and international migrants.
Hyundai E&C has participated in the project since its early development stage. The company will make an equity investment while overseeing technical and design reviews and overall construction management. Australian contractor Hickory will carry out construction, while local developer Novus will handle development and operations.
Demolition of the existing structure is scheduled to begin in November, followed by construction in March next year. Completion and tenant occupancy are targeted for October 2029.
The investment builds on a memorandum of understanding signed by the three partners in February. Under the agreement, the companies formed a cooperative platform combining Hyundai E&C’s private-sector development and construction capabilities with KIND’s support for overseas infrastructure and urban development projects.
Australia’s housing market has also emerged as a target for residential developers amid continued population growth and housing supply constraints. Sydney, in particular, is expected to see substantial inflows of overseas migrants over the coming years, supporting demand for both new housing and rental properties.
Industry analysts have increasingly highlighted the shift among Korean construction companies from conventional construction contracts toward investment, development and asset management. Hyundai E&C is similarly seeking to build local market expertise and networks through overseas residential projects while creating opportunities for follow-on developments.
A Hyundai E&C official said the company is “carefully assessing housing demand and market conditions in advanced overseas markets to identify suitable development models,” adding that it will continue combining its construction capabilities with investment and development expertise to strengthen its global residential business.
Hyundai E&C has also maintained a strong position in overseas construction orders. According to the International Contractors Association of Korea, Korean construction companies had secured a combined $14.73592 billion in overseas contracts as of the end of August this year, with Hyundai E&C accounting for $3.67517 billion.
