Wesfarmers has entered a 50:50 joint venture with Built Group to establish Built Living. This collaboration aims to revolutionize apartment construction in Western Australia by significantly reducing costs and build times.
Wesfarmers will initially commit up to $100 million of equity into the joint venture. Built Living plans to deliver apartments at about 20% lower cost and 50% faster than traditional construction methods. The new manufacturing facility will support the delivery of more than 2,000 apartments annually.
The construction of the facility is expected to commence in the second half of 2026. This marks Wesfarmers’ first foray into residential construction, expanding its portfolio beyond retail and industrial sectors.
The move comes as Wesfarmers faces rising cost pressures. The company plans to increase prices on various items due to higher freight and fuel costs. Rob Scott, CEO of Wesfarmers, acknowledged these challenges, stating, “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.
This joint venture could reshape the apartment building landscape in Australia. It reflects a growing trend towards innovative construction solutions aimed at addressing housing affordability and availability issues.
