Singapore-listed real estate and hospitality powerhouse CDL has joined the race for a place in Australia’s rapidly evolving build-to-rent sector, with plans to begin building a total of 500 apartments at two projects in Brisbane and Melbourne within the next few months.

The Singaporean player’s move joins a broader acceleration across the $17 billion rental housing sector with major property platforms such as Brookfield, Cedar Pacific and ASX-listed Stockland flagging their first forays into the BTR sector in the past month. Federal government tax breaks for offshore investors announced in the May budget are expected to galvanise further investment into the sector.