NTT URBAN DEVELOPMENT CORPORATION 
By
January 12, 2012
NTT Urban Development Corporation
- NTT Urban Development commences its first overseas residential property sales business -
NTT Urban Development Corporation (head office: Chiyoda-ku,
Tokyo, President and CEO: Masaki Mitsumura) is pleased to
announce that it will commence a residential land sales
business in the suburbs of Melbourne, Australia, as part of
its initiatives to promote its international operations.
Specifically, UD Australia Pty Limited, the Company's wholly
owned subsidiary has established a residential land
development company jointly with a company partially owned by
Sumitomo Forestry Australia Pty Limited, the subsidiary of
Sumitomo Forestry Co., Ltd.. This new company will acquire
land for the residential land sales business in the suburbs
of Melbourne. The Company holds a 50% share in the new
company.
The property is located in the Casey/Cardinia area, which is
situated approximately 45 km southeast of the central
business district of Melbourne. Melbourne is a popular city
that was selected as the world's most livable city in the
Global Liveability Ranking of the Economist Intelligence Unit
in August 2011. The area comprises a mixture of quiet
residential areas and meadows, and is a popular area that was
the first to be developed in the Melbourne area. The future
outlook for the property is also sound, as a business center
is planned to be developed to the north of the property.
Australia has enjoyed sustained economic growth with its GDP
tracking the long-term growth trend. Its population has also
been rising over the long term as a result of a
pro-immigration policy. Although the population has been
rising, unemployment has been declining over the long term
and the number of jobs has been climbing. As for the
supply-demand balance, because of the high influx of
immigrants into Victoria, the state where Melbourne is
located, potential demand is likely to remain strong over the
next several years.
