▲ Signed a comprehensive MoU on residential apartment development in New Zealand at Hyundai E&C's headquarters on Wednesday, November 19th 

▲ Establishes a foundation for entering into and promoting the expansion of the New Zealand housing construction market through a global public-private partnership

Hyundai E&C has laid the groundwork for its entry into the New Zealand housing construction market by joining forces with the Korea Overseas Infrastructure and Urban Development Corporation (KIND).

On Wednesday, November 19th, at the Hyundai E&C headquarters in Jongno-gu, Seoul, Hyundai E&C and KIND signed a Comprehensive Memorandum of Understanding for Cooperation in the New Zealand Housing Development Sector with Kāinga Ora (KO), a New Zealand government agency responsible for land and housing development.

The MoU signing ceremony was attended by key officials from the three organizations, including Kim Kyung-soo, Head of the Global Business Division at Hyundai E&C; Won Byung-chul, Head of the Business Development Division at KIND; and Mark Fraser, General Manager of Urban Development and Delivery at KO.

This MoU was signed to strengthen the strategic cooperative relationship between the Republic of Korea and New Zealand and to contribute to the creation of sustainable urban areas. It aims to explore investment and construction opportunities in New Zealand's large-scale housing development projects and to establish a cooperative framework between the governments and private companies of both countries. More specifically, development projects will be promoted through sustainable development methods to enhance the public interest and meet housing demand.

To this end, Hyundai E&C will be responsible for proposing solutions utilizing eco-friendly and smart technologies and reviewing financial and technical support initiatives. KIND will support the establishment of cooperative and financial planning between the two countries through information reviews, and KO will provide project-related data and support for permits and approvals.

n the New Zealand real estate market, particularly in Auckland, its largest city, demand continues to exceed supply, and the government is taking the lead in promoting residential construction. In addition, in a market that has been dominated by small-scale low-rise housing, larger-scale mid-rise (5 stories and above) developments are gradually becoming more widespread.

Starting with Auckland, Hyundai E&C plans to participate in New Zealand's housing development projects from the master plan stage, integrating Korean-style residential culture (K-Housing) into New Zealand. Specifically, the company plans to create a differentiated residential environment by introducing a lifestyle that epitomizes the best Korea has to offer through Hyundai E&C's unique eco-friendly and smart technologies, such as electric vehicle charging stations, solar panels, and specialized community facilities.

A Hyundai E&C official noted, “By creating a powerful synergy through global public-private cooperation, we will contribute to the economic development of both countries while also contributing to the creation of sustainable cities and the enhancement of residential value.” The official added, “We expect this partnership with New Zealand to serve as a catalyst for additional global urban development cooperation.”