Wesfarmers has announced a $100 million investment in a joint venture with developer Built, aiming to deliver cheaper and faster apartment construction. The partnership, named Built Living, seeks to address housing affordability challenges by streamlining the development process and reducing costs.
Strategic Investment
The investment marks Wesfarmers' foray into the residential property sector, leveraging Built's expertise in construction and project management. The joint venture will focus on medium-density apartment projects in major Australian cities, targeting a faster turnaround from planning to completion.
Addressing Affordability
Built Living aims to reduce construction costs by standardizing designs, using prefabricated components, and optimizing supply chains. The venture expects to deliver apartments at a lower price point than traditional developments, making home ownership more accessible for first-home buyers and investors alike.
Wesfarmers Managing Director Rob Scott said the investment aligns with the company's strategy to deploy capital in high-growth sectors. "We see a significant opportunity to improve housing affordability through innovation in construction methods," Scott said.
Industry Impact
The announcement comes amid rising housing costs and supply shortages across Australia. The joint venture plans to deliver thousands of apartments over the next decade, with the first projects expected to break ground in 2025.
Built CEO Brett Mason said the partnership would combine Wesfarmers' financial strength with Built's operational expertise. "Together, we can accelerate the delivery of quality, affordable homes for Australians," Mason said.
The venture will also explore opportunities in build-to-rent and affordable housing projects, potentially partnering with government agencies to maximize social impact.
