Daiwa House Industry Co., Ltd., teaming with Cosmos Initia Co., Ltd., a Daiwa House Group member, and Sumitomo Forestry Co., Ltd., commenced a multipurpose development project under the tentative name of the Drummoyne project in a suburban area of Sydney, New South Wales, Australia, on July 1, 2016. The project is pursued in collaboration with local real estate investment and management company EG Funds Management Pty. Ltd.

Multipurpose development project of a condominium complex (164 condos in total), commercial facilities and offices

Daiwa House Industry, Cosmos Initia and Sumitomo Forestry have been pushing forward with the Flour Mill of Summer Hill project, our multipurpose development project of condominiums, commercial facilities and offices in the Sydney area, in collaboration with EG Funds Management since September 2014. Properties developed in stages I and II have sold out, and received good reviews. Sales of properties in stages III and IV are planned for July 2016.

On this occasion, our three companies and EG Funds Management aim to further expand our business in Australia, and have decided to undertake a multipurpose development project of condominiums (164 units in total), commercial facilities and offices under the tentative name of the Drummoyne project.

This time, Daiwa House Industry, Cosmos Initia and Sumitomo Forestry will leverage our know-how and expertise of developing commercial facilities, condominiums and housing acquired over many years in Japan. Additionally, together with the preceding development of Flour Mill of Summer Hill, we have acquired know-how of the real estate development business in Australia, and can link this to future business developments.

Our three companies look forward to further real estate development projects in Australia in collaboration with EG Funds Management.

Condominium Project Outline

Tentative name: Drummoyne project

Location: 77-105 Victoria Road, Drummoyne, New South Wales, Australia

Site area: 5,287 m2

Total prospective housing floor area for sale: 12,113 m2

Floor area for sale per unit: 50 to 118 m2 (median 74 m2)

Housing sale price including tax: 1 bedroom from AU$670,000

2 bedrooms from AU$870,000

3 bedrooms from AU$1,375,000

Scheduled condo complex commencement: October 2016

Scheduled completion: June 2018

Total project cost: Approx. 12.9 billion yen