Villa World enters into development JV with Greenfields

Company News

by Jessica Ellerm

 
Villa World Limited (ASX:VLW) has announced its joint venture with Greenfields Development Company has seen the two companies agree to purchase a 153 hectare site at Greenbank, South of Brisbane.
 
Coming in at a purchase price of $50 million, Greenbank is located 34 kilometres from Brisbane and is positioned in the Logan growth corridor, in close proximity to employment, commercial and retail precincts. 
 
The joint venture has indicated it will seek approval to increase the number of lots on the site from 1000 to 1500.
 
Together both Villa World and Greenbank aim to deliver a master planned community with a range of home sites ranging from 300 to 2000 square metres. 
 
Villa World reported a net profit of $33.7 million at 30 June 2016.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.