Mainboard listed Ho Bee Land (HB Land) has outlaid $23.5 million on two Queensland low-density residential development sites.
In the more valuable deal, subsidiary HB Doncaster is spending $14.5m on a 47.4 hectare block at 357 Ripley Road, Ripley Valley, about 42 kilometres south west of Brisbane.
Within the Ripley Valley Priority Development Area, the land is earmarked for a 570-lot subdivision (see image of master-plan, right).
A second arm of the parent – HB QLD – has picked up the other site: the final stages of Parklakes 2 housing estate at Bli Bli, about 10 kilometres north west of Maroochydore.
HB Land said the property acquisitions would be financed by internal funds and bank borrowing, with no material impact expected on its consolidated earnings or net tangible assets per share this financial year (which in Singapore ends on December 31).
Ripley Valley deal and its strings
HB Doncaster will need to build infrastructure, specifically a 5047 sqm local park, 3.6ha environmental park – and provide for a 5.1ha local sports park – at Ripley Valley.
It must also slice off a five hectare “super-lot”, zone it for commercial and medium density residential use, then give that back to the seller – a family which has controlled it for more than 50 years and which intends to develop this piece with a joint venture partner.
Ray White Special Projects’ Mark Creevey and Tony Williams were engaged as buyer’s agent for the Ripley Valley block.
The brokers have also been working with Ipswich City Council and Economic Development Queensland to finalise its development approval.
The precinct is proposed to see 50,000 dwellings constructed and accommodate a c120,000 population by 2040.
Melbourne developer Goldfields Group is behind one of the area’s bigger estates with its Hayfields Ripley. Perth-based Satterley also owns a substantial tract there.
Mr Creevey and Mr Williams added 357 Ripley Rd is the first in the burgeoning pocket for HB Land.
Parklakes 2 readier to go
In Bli Bli, HB Qld is acquiring the final two stages of the Parklakes 2 housing estate, affecting 8.98ha.
Permit-ready for a 95-lot subdivision, it is within a precinct already with dwellings, school, retail and walking tracks around artificial lakes.
This land is costing $9m.