Villa World Limited (ASX:VLW)
has announced the purchase of a site at Arundel on the Gold Coast.
The development – located within 10 kilometres of the Southport CBD – was agreed at a purchase price of $30,660,000.
The Queensland-based house and land property developer is yet to finalise the dwelling yield and product mix, but says the site has a material change of use approval for a maximum density of 484 dwellings.
The purchase forms part of an expected $135-$150 million cash spend during FY16.
Villa World anticipates the development will commence contributing to revenue during FY2017.
Villa World Limited reported a net profit of $25.6 million for the financial year ended 30 June 2015.