Melbourne-based Growland has settled the purchase of a development site in the city’s west, paying $73 million for a parcel of land for a 900-lot residential estate.
The Doherty’s Road property will be the base for a $420m project.
The company said it expected to launch three apartment projects and two house-and-land communities totalling 1500 homes later this year.
Growland chief executive Ronald Chan said strong population growth and a lack of supply would drive the affordable housing market in Melbourne, particularly in the city’s western corridor.
The company is also developing apartments in inner Melbourne. “We have strategically decided to place as much emphasis on our house-and-land offering as on our inner-city product, as the market drivers across both are so strong,” Mr Chan said.
The population in the western suburb of Tarneit was expected to increase by nearly 55,000 in the next 14 years, with the state committing $533m in infrastructure improvements to the area, Growland noted.