Thai developer strikes major housing estate portfolio deal
The country’s home building landscape is set for another major change with Bangkok-controlled Supalai Australia Holdings, in partnership with Stockland, acquiring 12 master-planned housing estates sites able to deliver tens of thousands of dwellings.
First mooted last year, the $1.06 billion deal with Lendlease received Foreign Investment Review Board permission yesterday.
The Australian Competition and Consumer Commission approved it in September.
Stockland will hold 50.1 per cent.
The transaction comes six weeks months since Japan based Sumitomo made the first in a two part play for Metricon – a trade set to make it Australia’s biggest home builder based on annual starts.
The $1.06 billion sites
The Lendlease portfolio includes in New South Wales, Figtree Hill (earmarked for 1700 homes) and Calderwood Valley (5000), while in Western Australia, Alkimos Beach (2140) and Alkimos Vista (550) are to be sold.
Four of the assets are in Melbourne: Aurora at Wollert (set for 750 dwellings), Atherstone, near Melton at Cobblebank (4200), Harpley in Werribee (4300) and Averley in Nar Nar Goon North (1500).
The balance are in Queensland: Kinma Valley (2500 lots), Shoreline (3000), Springfield Rise (4500) and Yarrabilba (15,600 homes and the biggest estate being divested, based on this value).
The portfolio is the country’s priciest going concern land sale, Gersh Investment Partners director, Joseph Gersh, who acted for Supalai, said (story continues below).
“It is a powerful endorsement by a significant overseas investor of the residential development sector in Australia,” he added.
With the deal – expected to settle in the second quarter of next year – Supalai’s Australian development pipeline (including partnerships) should allow it to sell-down some 28,000 lots.
The group is seeking more Australian opportunities; its local book also includes some apartment and townhouse sites.
Deja vu properties for Gupta
Coincidentally, Tarun Gupta, announced in late 2020 as Stockland’s chief executive officer, moved from Lendlease – where he was chief financial officer.
Stockland upgraded its earning expectations 3pc for FY25 after yesterday’s announcement.
Following settlement, Lendlease will retain four Australian housing estate sites.
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