Kanden Realty Development, Novus Holdings, Cosmos Initia and JOIN to Develop 310-Unit BTR Project in Epping, Sydney

Osaka-based Kanden Realty Development Company announced Sept. 24 that it will participate in a 310-unit build-to-rent development in Epping, in Sydney's northwest, marking the company's third Australian BTR project and its second joint venture with Sydney-based developer and operator Novus Holdings.

Japanese listed real estate developer Cosmos Initia and the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN), a Japanese government-private infrastructure investment fund, will also participate in the project. Construction is planned to begin in September 2026, with completion targeted for the end of 2028.

Project Details: Novus on Forest, Epping

The development, known as Novus on Forest, is located at 2–16 Epping Road and 2–4 Forest Grove, Epping, NSW, approximately 15 kilometres northwest of Sydney's central business district. The site spans 11,450 square metres, with a gross floor area of 25,472 square metres across five reinforced-concrete buildings ranging from six to nine storeys.

The 310 apartments will be distributed across four unit types: 72 studios — including furnished units — 77 one-bedroom apartments, 124 two-bedroom apartments and 37 three-bedroom apartments. Two- and three-bedroom units together account for approximately 52% of the total dwelling count, a unit mix weighted toward households larger than the singles-and-young-professionals demographic that has dominated much of Australia's emerging BTR pipeline.

The project is positioned approximately a two-minute walk from Epping Station, which provides access to both the Sydney Metro and Sydney Trains networks. The Metro offers a journey of approximately 25 minutes to Sydney CBD.

Amenities and Sustainability Targets

Resident amenities will include a party room, rooftop terrace, swimming pool, sauna, gym, studio and co-working spaces. The development will adopt an all-electric design and incorporate rooftop solar generation and electric-vehicle charging infrastructure. Approximately 30% of the site will be dedicated to landscaped green space, including the planting of more than 150 native trees.

The project is targeting a minimum 7-star rating under NatHERS — the Australian government's Nationwide House Energy Rating Scheme, which rates residential energy efficiency on a 10-point scale — and a minimum 5-star Green Star certification, the Green Building Council of Australia's 6-point rating system for environmental performance in building design, construction and operation.

Epping's Growth Profile

Epping's population has grown at an average annual rate of approximately 2.5% over the past decade, exceeding New South Wales' average annual growth rate of approximately 1.4%, according to Australian Bureau of Statistics data published through March 2026. Redevelopment activity and infrastructure improvements around Epping Station have continued to support the area's long-term growth profile, while vacancy rates have remained at low levels amid sustained inflows of young professionals and family households.

Kanden Realty Development described limited BTR supply in the Epping area as a factor supporting demand for high-quality rental housing in the submarket.

Kanden's Australian Expansion and the Novus Platform

The Epping project is Kanden Realty Development's third Australian BTR development. The company's first, a project in downtown Brisbane, Queensland, was announced in October 2024. Its second, a project in downtown Melbourne, Victoria, was announced in July 2025. That Melbourne development — Novus on Spencer, located at 405–421 Spencer Street, West Melbourne — comprises 190 units across a planned 19-storey building, with completion targeted for November 2027.

Novus Holdings, led by CEO Adam Hirst, operates as a vertically integrated developer, owner and operator of BTR assets in Australia, managing the asset creation process and ongoing operations through a single platform. The company also operates Novus on Sturt, a 163-unit BTR project in Southbank, Melbourne, which reached 98% occupancy within six months of opening.

Kanden Realty Development, whose president and representative director is Emi Fukumoto, is participating in the Epping project through its local subsidiary, Kanden Realty & Development Australia Pty Ltd. The company characterized the Australian BTR sector as one of its priority overseas asset classes.

Cosmos Initia, established in 1974, has delivered more than 100,000 condominium units in Japan and has expanded internationally into Australia, the United States and Vietnam. JOIN was established in Japan in October 2014 with the aim of encouraging Japanese companies to apply their infrastructure expertise in overseas markets.

Market Context

Australia's BTR sector has attracted growing institutional interest against a backdrop of sustained rental undersupply, particularly in Sydney and Melbourne. Purpose-built rental communities managed by professional operators have sought to differentiate from fragmented conventional rental stock through amenity packages, consistent management and unit mixes designed to serve a range of household types.

The Epping project's transit-oriented location, five-building scale and broad unit mix position it to serve both the young-professional and family-household segments of the rental market. A project commencing construction in September 2026 and completing in late 2028 will be delivered into a market where demand for professionally managed rental housing has remained resilient, supported by population growth that has outpaced the state average for the past decade.

Sources

Kanden Realty & Development Co., Ltd. — News Release, Sept. 24, 2026