Stockland Limited (ASX:SGP) has bought a $67 million site in Queensland it plans to develop into a project with an end value of $590 million.
The property developer says the purchase of residential zoned land in Brisbane’s north shows the company’s confidence in the state’s property market.
Stockland’s plans for the development include 1,500 new homes, a non-tidal lake, a village centre, walking and cycling paths and a number of foreshore parks.
The company has advised its continued development of the new lakefront and bayside community will start early 2016 and first settlements are expected in FY17.
Stockland reported a net profit of $527 million in the 2014 financial year.
