SINGAPORE - Frasers Property Australia, a division of Singapore-listed Frasers Centrepoint, has secured a 115 hectare mixed use land parcel for A$440 million (S$466.2 million), in one of the largest site acquisitions in Melbourne in recent years, the company announced on Tuesday (Oct 25).
The land parcel can deliver around 1,200 residential lots and over 20,000 square meters of retail facilities.
The site at 974 Black Forest Road, Wyndham Vale, in Melbourne's West, is adjacent to a proposed train station, enabling Frasers Property to integrate the mixed-use community with transport infrastructure to provide convenience and connectivity.
Mr Anthony Boyd, executive general manager residential for Frasers Property Australia, said the acquisition underpins Frasers Property's commitment to new development in Melbourne.
It continues to investigate new opportunities in Melbourne, especially those that allow the company to bring its extensive mixed-use capabilities to the table, he added.
With an approved precinct structure plan in place, the first lots at Wyndham Vale are expected to be offered to the public from early 2018 pending further planning approvals, with site work anticipated to commence shortly after.