Residential property developer Villa World has bought two sites in Melbourne's outer suburb of Plumpton, where it is expected to build 500 affordable to mid-priced homes.
Residential property developer Villa World has expanded its footprint in Victoria, after acquiring two residential development sites worth a total $44 million in Melbourne's north-west growth corridor.
Villa World, a publicly listed company, will develop the sites with 500 low to mid-priced homes.
The latest acquisitions includes two sites totalling 32.9 hectares at Plumpton, 30 km north-west of Melbourne's CBD, and another site 12km south west of Melbourne's airport.
Villa World's successful Sienna project was also in Melbourne's north-west.
Villa World's Managing Director and Chief Executive Officer, Craig Treasure, said the acquisition is in line with the company′s aim to grow its holdings in Victoria to match those in Queensland.
“Villa World has signalled that we are moving towards a 20/40/40 split which reflects the strength in the markets in Victoria and Queensland and our re-entry into the New South Wales market,” he said.
Villa World left the Sydney market in 2008, but has re-entered the market with plans to build three-bedroom houses for around $600,000. Sydney's median house price is more than $1 million.
In March, Villa World raised $80 million to continue its land restocking program.
“Our growing pipeline supports our target of continuing to achieve cumulative average earnings per share growth of greater than 10% per annum,” Treasure said.
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Melbourne's most affordable suburbs
Suburbs far from town to benefit from new Vic infrastructure: REIV