SINGAPORE - A consortium that includes Singapore-listed Frasers Centrepoint's Australia unit has been picked to redevelop a Sydney neighbourhood, the property group said in a joint media release on Monday (Aug 14).
The New South Wales government tapped Frasers Property Australia, along with developer Citta Property Group and community housing provider Mission Australia Housing, to add to the state government's social housing portfolio.
More than 3,000 new homes are expected to be built, with an end value of around $2.2 billion, as part of the urban renewal project in the 8.2 hectare Ivanhoe estate, in Sydney's Macquarie Park.
This includes both private housing and about 1,000 social housing dwellings and affordable homes, and the development will feature solar power and a water-capture system, in a bid to promote carbon-neutral living.
Frasers Property Australia's chief executive, Mr Rod Fehring, said in the statement: "With a focus on design and a holistic approach to environmental and social sustainability, the redevelopment of the Ivanhoe estate will be a flagship project for (New South Wales), demonstrating how the government and private sectors can work together to deliver necessary social and affordable housing by taking a true long-term community view."