Singapore developer spends $350m on housing estate sites
Frasers Property Australia has paid a speculated $350 million for two east coast housing estate sites.
In Victoria, the group has picked up a 60.1 hectare parcel at Charlemont, 10 kilometres south of Geelong, with plans for about 720 homes.
With a Torquay Road address, the project will also include a neighbourhood activity centre, community facility and park.
The development timeline is five years starting next year.
The block is speculated to be costing $180m.
Charlemont is in the Armstrong Creek growth corridor about 10 kilometres south of Geelong’s CBD.
Major Gold Coast project
Meanwhile FPA has settled on the c$170m purchase of the elevated 334ha SkyRidge estate, at Worongary on the Gold Coast.
Perron Group offered this property last year.
It is approved for a c3500 lot subdivision (continues below).
The Singapore based group is instead aiming for c3000 lots and a neighbourhood shopping centre.
It expects to develop this housing estate in stages until 2040.
Worongary is about 13 kilometres south west of Surfers Paradise.
Frasers reweighs portfolio
Frasers Property Australia chief executive officer, Cameron Leggatt, said is armed with proceeds from several recent divestments.
“The successful execution of the sales of the WeAreLiving Brunswick Build-to-Rent project, Eastern Creek Quarter (for $400m) and Burwood Brickworks ($107.25m) has enabled us to recycle capital into these new opportunities,” according to the executive.
Executive general manager, Development, Emily Wood, added the company was continuing to seek further opportunities to expand its residential pipeline.
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