Leading residential property developer Villa World has announced a joint venture agreement with Singapore’s Ho Bee Land that will deliver 285 home sites in Wollert, north of the Melbourne CBD.
The joint venture development relates to Villa World’s two previously contracted land parcels totalling ~16ha located adjacent to the future Wollert town centre, with an expected gross end value of ~$84million.
Located less than 30 kilometres from the CBD and under 20 kilometres from Melbourne airport, the new Elyssia community will offer home sites with an average land size of approximately 395m2 at an expected average sale price of $300,000.
According to Villa World Managing Director and CEO Craig Treasure, the joint venture arrangement with Ho Bee Land is a continuation of the company’s capital management strategies, and demonstrates that appropriate partnering arrangements can maximise Villa World’s return on equity.
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