• Strategic joint venture delivers upside on Wollert site
• 1H18 NPAT increased to $17million-$18million
• FY18 NPAT of at least $41.6million reaffirmed
Wollert joint venture
As previously announced, the Company has entered into contracts to acquire adjoining parcels of land totalling ~15.73 ha in Wollert, Victoria. The site is 25km north of Melbourne CBD, 18 km from Melbourne Tullamarine airport and 300m from the future Wollert Town Centre.
The Company is pleased to announce that it has entered into a joint venture for the development of this site with Ho Bee Land Limited. The joint venture will deliver a master planned 285 lot land community to be known as Elyssia, with an average lot size of 394m2 and an average sales price of $300,000. The joint venture will obtain project specific financing for the development in due course.
In undertaking the development, the joint venturers are to contribute capital and share profits on the basis of 51% (Villa World) and 49% (Ho Bee). The Company will receive fees for development management and sales and marketing coordination, and has the potential to receive a performance fee.
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