Villa World Limited (ASX:VLW)
will pay $24 million for a 54 hectare site at Strathpine, north of the Brisbane CBD.
The site is close to major commercial and retail precincts and is zoned residential with Villa World intending to develop around 380 house and land packages starting from $460,000.
The site will replace the Park Vista project at Mango Hill which is nearing completition under strong demand.
The deal will be financed from existing debt with revenue expected in the 2018 financial year.
Villa World reported a net profit of $25.6 million for the 2015 financial year.