House builders

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Australia’s Biggest Home Builder Metricon Sold to Foreign Giant in a $115M Deal – What This Means for Aussie Homebuyers!

Australia’s largest home builder, Metricon, is set to be acquired by Japan’s Sumitomo Forestry for $115 million. The deal will give Sumitomo a 51% stake in the company, with potential for full ownership later.

Metricon launches massive sell-off with dozens of display homes for sale amid collapse fears

The move raises concerns as foreign firms now build 12% of Australian homes. Metricon’s CEO, Brad Duggan, assures customers that operations and services will continue as usual, but the acquisition aims to strengthen the company’s market position amidst Australia’s housing challenges.

Australia's biggest home builder, Metricon, will be sold to Japanese construction giant Sumitomo Forestry for a reported $115million (a Metricon home is pictured)

Australia’s biggest home builder, Metricon, will be sold to Japanese construction giant Sumitomo Forestry for a reported $115million (a Metricon home is pictured)

Metricon CEO Brad Duggan (pictured) said Sumitomo Forestry is 'an exceptional partner'

Metricon CEO Brad Duggan (pictured) said Sumitomo Forestry is ‘an exceptional partner’

SOURCE: THE DAILY NEW