July 17 Japanese home builder Sekisui House (1928.T) plans to spend 200 billion yen ($2.13 billion) to develop homes and properties in Australia over the next 10 years, the Nikkei business daily said.
Sekisui House, which plans to build 4,000 condos and homes and sell subdivision lots for 2,600 residences, will focus on the east coast cities of Sydney and Brisbane, the paper learned Thursday. Homes will be constructed using Sekisui House's wooden housing series platform, with building materials to be bought locally, the daily said.
For starters, Sekisui House will establish a 15 billion yen operating fund, which will be used to run the business, the paper added. The Osaka-based company, which faces a dwindling housing market in Japan, has no immediate plans to take out loans or issue bonds, Nikkei said. This is the company's first full-scale investment in overseas real estate, the daily said. ($1=93.74 Yen) (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Aradhana Aravindan)