Australand Property Group
(ASX:ALZ) has inked a deal with the Victorian Government to develop Valley Park, a public and social housing residential neighbourhood.
The developer says Valley Park is located north-west of Melbourne’s CBD and will have an estimated end value of around $140 million.
Australand is poised to receive a share of revenues through the life of the project, with first settlements expected to occur in 2013.
Working with the Department of Human Services, the initial delivery of homes is due in 2012.
Valley Park will eventually comprise of around 375 lots as well as parkland and community facilities.
Australand moved out of the red in the 2010 financial year, reporting a net profit of $192 million.
