The National Reconstruction Fund Corporation (NRFC) is investing up to $120 million of debt in Built Living to help provide new apartment homes for thousands of Australians.
The investment will strengthen Australia’s advanced manufacturing capability and help bring to market more affordable housing at scale to address the country’s pressing housing needs.
About Built Living
Built Living is a 50:50 joint venture between Australian-owned contractor and property group Built and Wesfarmers Limited, established earlier this year to deliver residential apartments at scale through advanced manufacturing techniques.
Built Living uses an integrated development model and Design for Manufacture and Assembly (DfMA) methods to produce high-quality, modular, and precast concrete components for mid-to-high-rise apartments. It brings advanced manufacturing long proven in leading global markets to Australia and expects to deliver apartments up to 20 per cent cheaper and up to 50 per cent faster than traditional construction.
NRFC funding will be used to establish a pilot advanced manufacturing facility for housing construction in Neerabup, Western Australia which will have the capacity to produce more than 2,000 apartments per year, with construction set to commence in the second half of 2026.
Investment impact
Improving productivity in the housing sector
NRFC investment will help to lower costs, shorten delivery timelines and improve construction efficiency, with the expectation of delivering apartments 20 per cent more cheaply and 50 per cent more efficiently.
Boosting the country’s housing supply
Housing is a government priority, and NRFC investment provides a model for how affordable housing can be built at scale.
Contributing to economic diversity and resilience
NRFC investment strengthens the construction industry’s advanced manufacturing capabilities by supporting workers to upskill in areas such as advanced manufacturing, robotics, and automation, creating new career pathways in construction.
Crowding-in finance
NRFC investment is expected to facilitate broader private sector investment in Built Living’s housing manufacturing model.
Creating high skilled jobs
NRFC investment is expected to create approximately 150 jobs during construction and around 150 ongoing roles once operational (including direct and indirect employment).