Wesfarmers is investing in a 50:50 joint venture with Built Group to establish Built Living, aiming to transform apartment construction in Western Australia. The plan is to significantly reduce costs and build times.
Initially, Wesfarmers will commit up to $100 million of equity into this venture. Built Living intends to deliver apartments at about 20% lower cost and 50% faster than traditional methods. This initiative could support the delivery of more than 2,000 apartments annually.
This move marks Wesfarmers’ first foray into residential construction, a significant shift for the company known primarily for its retail and industrial operations. The construction of the new manufacturing facility is expected to commence in the second half of 2026.
The decision comes amid rising cost pressures affecting various sectors, including construction. Rob Scott, CEO of Wesfarmers, noted, “Obviously, when cost prices are going up, some prices are going to have to go up.” He added that transport and fuel costs are impacting supply chains significantly.
This joint venture aims not only to ease the burden of rising costs but also to address the growing demand for affordable housing in Australia. As urban areas continue to expand, innovative solutions like Built Living could play a crucial role in meeting housing needs.
The community response has been promising, with many locals hopeful that this project will lead to more affordable living options. As Wesfarmers ventures into this new territory, it will be interesting to see how it shapes the future of apartment building in Western Australia.
