Major housing investment near Perth could provide boost to apartment building
The National Reconstruction Fund will invest $120m into a $240m advanced manufacturing project north of Perth expected to be able to build 2,000 apartments a year once fully operational.
The announcement this morning also includes a $20m grant from the Western Australian government and a $100m equity investment from Wesfarmers, the owner of popular retail brands, including Kmart, Bunnings and Officeworks.
The Built Living project, which will begin before the end of the year, will be able to build residential apartments at scale through advanced manufacturing. The government says it will deliver apartments up to 20% cheaper and up to 50% faster than traditional construction.
The industry minister, Tim Ayres, said:
double quotation markAustralia needs to build more homes, but we also need to build more capability. This project brings advanced manufacturing into the housing supply chain, lifting productivity and helping deliver more homes for Australians.
