Daiwa House and Odakyu Electric Railway will jointly develop the first large-scale residential housing in New South Wales, Australia
Daiwa House Industry Announces “Box Hill Project,” First Large-Scale Joint Residential Housing Development Project in New South Wales, Australia
Date: July 2, 2018
Source: Daiwa House Industry Co., Ltd., Odakyu Electric Railway Co., Ltd.
Daiwa House Industry Co., Ltd. and Odakyu Electric Railway Co., Ltd. are set to begin the “Box Hill Project (provisional name),” a large-scale residential housing development project in the suburbs of Sydney, the capital of New South Wales, Australia.
Ahead of the development project, Daiwa House Industry established DH Box Hill Pty Ltd. on April 13, 2018, to serve as a company in charge of land development. The company is also pleased to announce that the inspection conducted by the Australian government’s Foreign Investment Review Board (FIRB) has been concluded. As such, it is set to begin site preparation and lot division sales from July 2018.
Through this partnership, the two companies will apply their combined knowledge and experience in real estate development and residential housing business to develop land for high-quality single-family houses in Australia.
(*1) As of June 1, 2018
- First overseas collaborative development by Daiwa House Industry and Odakyu Electric Railway. Large-scale project spanning 89 ha and offering land for a total of 1,500 units.
- Real estate development business in the Sydney area, which boasts fast-growing population and booming economy.
- New urban development near the newly constructed Rouse Hill Station on the Sydney Metro.
- Core target is affluent workers
- Daiwa House Group subsidiary Rawson Group will also conduct sales of single-family houses.
1. First overseas joint development project by Daiwa House Industry and Odakyu Electric
Railway Large-scale project to span 89ha and offer land for a total of 1,500 units.
This project is located approximately 35 kilometers northwest from central Sydney (50 minutes by car, 45 minutes by train) and covers 89ha (equivalent of approximate 19 times the size of the Tokyo Dome). The plan calls for land development for approximately 1,500 Single-Family Houses. This large-scale joint development project marks the first development project in Australia for Daiwa House Industry and the first overseas real estate development for Odakyu Electric Railway. Through the joint venture development company DH Box Hill Pty Ltd., site preparation for Single-Family Houses will be divided into 8 phases. Land will be sold to the Rawson Group, a Daiwa House Group housing construction and sales subsidiary, as well as local homebuilders and individual customers. The first development area, which entails development for approximately 160 lots, will begin in July 2018 with sales scheduled to begin gradually one after the other. The project plan calls for the conclusion of the project by the end of December 2025.
2. Real estate development business in the Sydney area, which boasts a fast-growing population and booming economy.
With a population of 4.67 million*2 and a land area of approximately 12,428 ㎢*2,, Sydney is the
state capital of New South Wales, and Australia’s business and cultural center. In terms of the
population, it is expected to grow from 4.7 million people in 2016 *3 to 6.44 million people by
2036*3 and to 8 million people by 2056*3 due to an influx of immigrants and a stable birthrate.
With firm population growth, there is annual housing provision anywhere from 13,000 to 30,000
homes but its actual annual housing requirements are approximately 36,000*4 homes (average),
meaning the city faces a long-term shortage in Sydney. In light of these market conditions, Daiwa House Industry and Odakyu Electric Railway moved to launch a new real estate development project in the Sydney suburb of Box Hill.
*2 From the Australian Bureau of Statistics (ABS)
*3 From NSW Population Projections date
*4 From Review of A Plan for Growing Sydney. Projected to exceed 725,000 houses during the 20 years between 2016 and 2036, resulted in a projected increase of 36,250 units/year.
Sydney Population and Housing Availability Trends
3. New development near newly constructed Rouse Hill Station on the Sydney Metro
- Sydney Metro enables direct connection to Sydney Central Business District (CBD)
The Box Bill large-scale housing development project is located approximately 5 minutes by car from Rouse Hill Station (provisional name), which is an extended zone on the Sydney Metro Northern West Line (provisional name) scheduled for completion in 2019. The project area is only some 4 minutes by car from the existing Vineyard Station on the Sydney Metro North Shore Northern & Western Line. There is a large-scale shopping mall or parking lot around each stations. Park & Ride is commonplace in Australia. If using a car from the Box Hill Project (provisional name) area, commuters can reach the Rouse Hill Station (provisional name) in approximately 5 minutes. By taking advantage of Park & Ride, commuters can reach the Sydney Central Business District in
less than 1 hour.
- Near work and home
Located in the 20 to 25km radius around Box Hill are business parks such as Macquarie Park, which is home to numerous businesses, including Norwest, whose tenants include Novotel Sydney Norwest (hotel) and the Australian Postal Corporation. The project site is also close to the suburb of Parramatta, making it a convenient area also for commuting to work by car.
- Conveniently located 5 minutes by car from a shopping center
The Rouse Hill area in the suburbs of Western Sydney was originally livestock and agricultural land but population increased rapidly due to residential housing development. Timed to this residential housing development, the Rouse Hill Town Center opened in 2007. The Town Center features various lifestyle functions, including a hospital, library, rental housing, and commercial functions such as a hotel, shopping center, and theater. The Center is home to some 230 stores including core tenants Woolworths and Coles (supermarkets), Target (discount store), and Reading Cinemas (movie theater).
4. Core target is actual customers
The target for subdivision sales of this project will mainly by affluent workers including first home buyers living in the suburbs of Sydney, New South Wales. We also will sell housing land to local Australian housing sales companies.
5. Daiwa House Group subsidiary Rawson Group will also conduct sales of single-family houses.
Daiwa House Group subsidiary Rawson Group Pty Ltd. (below, Rawson Group) conducts the development and construction of Single-Family Houses mainly in Sydney, New South Wales. We plan for the Rawson Group to conduct sales of housing subdivisions for the Box Hill Project. Operations will include sales of Rawson Homes, their housing brand for buyers upgrading from existing homes, and Thrive Home, their housing brand for primary buyers.
About the Rawson Group
Rawson Group Pty Ltd. (Rawson Group) constructs >single-family housing and develops land for residential housing. Their headquarters is located in Sydney, New South Wales. Founded in 1978, they have been in business for nearly 40 years. The company boasted 1,188 new single-family house construction projects in FY2017 (FYE June 2017) and is the second largest builder of single-family homes in New South Wales in terms of new single-family house construction projects. The single-family houses they sell have received the Australian housing construction industry Award for Design Excellence, and they pride themselves on providing the highest quality products and services to their customers.
Comment from Rawson Group Managing Director and CEO Matthew Ramaley
This land development project is taking place in a wonderful location in Sydney. The Daiwa House Group undertaking a large-scale residential housing development project in the Sydney area is a significant opportunity for the Rawson Group to offer our high-quality Rawson Homes and Thrive Homes housing products to a great number of customers.
- Name: Box Hill Project(provisional name)
- Location: 93-103 Boundary Rd,Box Hill NSW 2765 Australia
- Transportation: Approx. 35 kilometers from central Sydney (approx. 50 minutes by car, approx. 45 minutes by train + 5 minutes by car)
Approx. 4 minutes by car from Sydney Metro Vineyard Station
Approx. 5 minutes by car from Sydney Metro Rouse Hill Station
(provisional name, scheduled for completion in 2019)
- Purpose: Land for Single-Family Houses
- Land area: 891,900 ㎡（269,261 tsubo）
- Sale area: 529,568 ㎡（159,874 tsubo）planned
- No. of lots: 1,511 lots (planned)
- Project period: July 2018 – December 2025
- Total project costs: Approx. 50 billion yen
- Sales start: July 2018 (planned)
Development company overview
- Company name: DH Box Hill Pty Ltd., Daiwa House Industry （75％）, Odakyu Electric Railway（25％）joint venture
- Location: Suite 502, Level 5, 2 Elizabeth Plaza North Sydney NSW 2060 Australia
- Established: April 13, 2018
- Capital: Approx. 8.6 billion yen
- Business: Real estate development