Australian company Syncorana has inked a joint venture deal with Steco of Bosnia to produce high quality prefabricated homes to the Australian market and the wider Oceania region.
The JV creates a new company, Steco Australia Pty Ltd, and includes a local manufacturing operation to produce over 3,000 prefabricated homes per annum using advanced European manufacturing technology adapted to Australian standards and market requirements.
The $150 million facility will include Syncorana’s registered training academy to support the development of a skilled Indigenous and non-Indigenous workforce capable of manufacturing, assembling and installing prefabricated building systems for the Australian market.
The venture will seek to supply a broad range of construction markets including residential housing, Indigenous affordable and social housing, early childhood learning and aged care centres, workforce accommodation and commercial developments.
It complements Syncorana’s Indigenous housing strategy planned for implementation via its national network of Indigenous partnerships.
Steco (Australia) also intends to collaborate with strategic partners, government, institutional investors, developers and builders and community housing providers to expand the use of prefabricated construction systems throughout Oceania.
This initiative will assist in addressing Australia's housing supply challenges while contributing to national economic development and increasing participation by Aboriginal and Torres Strait Islander peoples in the construction and manufacturing sectors.
Syncorana Group CEO & managing director, Carlton Taya, said the partnership brings together proven international manufacturing and building expertise with an Australian vision to transform the way homes are built."
"Australia is facing one of the most significant housing supply challenges in its history. Through this joint venture we intend to establish advanced manufacturing capability that can deliver high-quality prefabricated housing faster, more efficiently and at scale,” Taya said.
“Importantly, this partnership is about much more than manufacturing. It is about creating skilled jobs, supporting Indigenous economic participation, developing the next generation of workers through our training centre of excellence, and using technology and artificial intelligence to build a smarter and more sustainable housing industry."
Steco Centar chair, Milenko Stevanović, said the partnership is an opportunity to apply their experience here in Australia which is one of the world’s most dynamic housing markets.
"Syncorana shares our commitment to quality, innovation and long-term growth. Together we intend to combine European engineering expertise with Australian manufacturing capability to deliver world-class housing solutions,” he said.
"By integrating education with manufacturing, we will help ensure that Australian workers are trained to the highest international standards while supporting the long-term success of the joint venture."