Construction company Lend Lease Group Ltd
(ASX:LLC) has been selected by Melton Shire Council in Victoria to develop a $1.2 billion project.
The company will be developing the Toolern master-planned urban community project, located in Melton, with a formal development agreement due to be finalised by May 2011.
The Toolern project will include 4,500 dwellings, two schools and a shopping centre, with first sales expected towards the end of 2011.
For the year ended 30 June 2010, Lend Lease reported a net profit of $348 million.
