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Global property giant City Developments Limited (CDL) has announced its foray into Australia’s rapidly growing build-to-rent (BTR) sector, promising to start construction on more than 500 apartments across Brisbane and Melbourne over the next few months.
CDL Australia, a wholly owned subsidiary of Singapore-listed CDL, has announced plans to develop 320 and 240 apartments in Brisbane’s riverside suburb of Toowong and Melbourne's Fishermans Bend respectively.
With a market capitalisation of SGD$6.22 billion (AUD$7 billion), CDL has a diversified portfolio comprising residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments.
It marks the first time the CDL has planned BTR projects in Australia.
“The group is very positive about the future of the build-to-rent sector in Australia,” CDL Australia head of development Cameron Laird said.
“We are extremely pleased with the strong foothold we have gained since our re-entry into the Australian property sector with our Ivy and Eve project in Brisbane in 2015 and the opportunity to leverage the rising demand for rental accommodation with build-to-rent projects in Brisbane and Melbourne.
“CDL Australia has built close partnerships with leading local companies and suppliers to ensure exceptional design and delivery outcomes over the past few years. We look forward to bringing CDL’s core vision of creating high quality, innovative and sustainable spaces to Australia.”
Other companies tapping into Australia’s BTR market include multinational Greystar Real Estate Partners, which is behind a $500 million project in South Melbourne that is set to become one of the nation’s largest BTR developments. The global real estate group has even more BTR projects in the pipeline after acquiring 155 Johnston Street, Fitzroy for an undisclosed sum seven months ago.
Meanwhile, Sydney-based developer Mirvac has more than $1 billion BTR developments under construction. In late 2022, the company also completed LIV Munro - a 490-apartment project in Melbourne's Queen Victoria Market (QVM).
Other players entering the space include Cedar Pacific, Cadillac Fairview, Sentinel Real Estate Corporation, rich-lister Tim Gurner and super fund HESTA.
In addition to the BTR projects, CDL Australia is also progressing with apartment and townhouse developments in Melbourne and Brisbane, including a master-planned Brickworks Park project in the latter.
The Brickworks site is located in the northern Brisbane suburb of Alderley and upon completion will feature 215 apartment and townhouse configurations with resort-style amenities, including a dining pavilion, pool, dog park, art studio and gymnasium.
The first phase of a luxury 96 townhouse joint venture (JV) project, dubbed Treetops, at Kenmore in Brisbane’s west has also fully sold out, while the second phase has sold around 60 per cent and the third is yet to be released.
In 2022, CDL Australia completed the construction of an $87 million JV projectnamed The Marker in West Melbourne, consisting of 198 apartments with a retail component that includes an ALDI supermarket, dining options and outdoor living.
CDL Australia also expects construction to commence shortly on another project in Melbourne’s Fitzroy. The mixed-use development, named Fitzroy Fitzroy, will offer 56 high-end apartments and five luxury terrace homes, together with ground-floor commercial and retail units.
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