Sumitomo Forestry announced that it is to embark jointly with NTT Urban Development Corporation on a project worth a gross investment of approximately US$114 million to develop high-rise luxury apartments in Dallas, Texas, United States, with completion targeted for May 2022. Source: Timberbiz
Sumitomo Forestry has established a good relationship with NTT Urban Development through the residential lot subdivision business in Australia. This led to the first joint development effort between the two companies in the United States.
Under the Sumitomo Forestry Group 2021 Medium-Term Management Plan, Sumitomo Forestry is actively promoting the spec homes business and the real estate development business in the United States, Australia, and Southeast Asia.
The property is located in an upscale residential area in Dallas and closely located to both Uptown and Downtown employment districts. The area is convenient to live in with high-end shopping malls, supermarkets, restaurants located nearby.
The property is a 20-story building offering a total of 206 residential units, featuring high-quality interiors and exteriors.
The Dallas-Fort Worth Metropolitan Area, where the construction site is located, has a population of approximately 7.5 million.
