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.