Japan's NTT group launches 2 new housing projects in popular Melbourne
SYDNEY, NNA - Japan’s NTT Urban Development Corporation (NTTUD) has unveiled two new residential community projects in Melbourne as it continues to expand its property business in Australia.
NTTUD said in a press statement on Wednesday the moves marked its third and fourth Australian housing developments which will be undertaken by its local subsidiary, UD Australia Pty Ltd (UDA).
NTTUD, a property arm of Japan's telecom giant Nippon Telegraph and Telephone Corp., did not disclose the project costs.
However, it made it clear that it is actively growing its property development business in Australia.
“NTTUD will continue to actively engage in both residential community development and commercial office businesses in Australia through collaboration with leading business partners to further expand its business,” the company said in its statement.
On the Melbourne location of the latest two projects, NTTUD said demand for housing in the popular city is expected to continue in future. The company noted that Melbourne has been ranked as "the most livable city in the world" for seven consecutive years since 2011 in Economist Intelligence Unit's global livability index.
One of the new developments, the River Valley Project, is only about 10 kilometers northwest of Melbourne’s central business district (CBD). It has already been launched after the company acquired an interest in the project in October 2019, a spokesperson for NTTUD told NNA.
Blessed with abundant nature around its 49.8 hectare plot in the Sunshine North area, the development is offering 171 residential lots.
The other development, the Rix Road Project, is located in growing suburb Officer, about 45 km southeast of Melbourne’s CBD or an hour by car.
Its 259 lots will be built on 13.19 ha of land close to train stations and freeway interchanges which allow direct access to the CBD. Construction is expected to start in 2021, said the spokesperson.
NTTUD had partnered with Japan’s Sumitomo Forestry Co. in two residential property projects in suburbs of Melbourne in 2012 and 2015.
Through UDA, NTTUD also acquired a 50 percent stake in an office building,121 Marcus Clarke Street, in Canberra in 2019.