Villa World Limited (ASX:VLW)
has entered into a joint venture for the land component of its Rochedale development in South East Queensland.
The residential property developer announced the joint venture with Ausin Rochedale Pty Ltd as trustee for Ausin Rochedale Trust. Ausin Group’s property division has been appointed as selling agent.
The Rochedale development will now be marketed as a premium price point house and land community, with a starting price of $650,000.
Proceeds from the joint venture are expected to begin contributing to the company’s revenue in FY16.
Villa World recorded a net profit of $25.63 million at 30 June 2015.