21-02-2025
Hyundai E&C expands into New Zealand's housing market
Hyundai Engineering & Construction has partnered with the Korea Overseas Infrastructure & Urban Development Corp. to establish a foothold in New Zealand's housing sector.
The two companies signed a memorandum of understanding with Kainga Ora, New Zealand's state-run housing agency, on Wednesday at Hyundai E&C's headquarters in Seoul.
The agreement aims to strengthen bilateral ties between South Korea and New Zealand while promoting sustainable urban development through large-scale housing projects.
As part of the initiative, Hyundai E&C will propose eco-friendly and smart technology solutions while assessing financial and technical support options. The Korea Overseas Infrastructure & Urban Development Corp. will facilitate cooperation between the two countries and assist in structuring financial plans, while Kainga Ora will provide project-related data and support for permits and approvals.
With New Zealand's housing demand consistently outpacing supply, the government has been actively promoting new housing construction, including the development of midrise buildings of five stories or above.
Hyundai E&C, in particular, plans to introduce Korean-style housing concepts into the local environment, starting with Auckland. These will include electric vehicle-charging stations, solar panels and specialized community facilities, creating a modern and sustainable living environment.
'We aim to contribute to the economic growth of both countries through public-private collaboration while enhancing residential value and sustainability,' a Hyundai E&C representative stated. 'We expect this partnership with New Zealand to serve as a catalyst for global urban development collaboration.'
