QUEENSLAND property developer Devine Limited has bought a 41.86-hectare residential site in Truganina for $18 million.
As Wyndham’s growth surges ahead, the Devine group is investing heavily in the municipality. It has bought the residential site from Caffee Pty Ltd.
It represents the balance of undeveloped land at Arndell Park Estate, of which 178 lots have already been sold.
Devine will seek to reconfigure the site to include additional residential lots, as well as medium-density housing and a school.
Devine’s founder and managing director, David Devine, said the land acquisition further strengthened the company’s presence in Victoria’s residential housing market.
“We are targeting regions where there is healthy population growth, existing infrastructure and the ability to deliver affordable house and land products,” he said.
“In the past four months, we have announced four major acquisitions in Melbourne’s outer suburbs.
“This is in addition to the three residential communities we’ve already established in Brimbank, Pakenham and Tarneit.”
Mr Devine said the Wyndham City Council had calculated Truganina’s population was increasing by 12.3 per cent each year.
Between 2007 and 2011 the suburb’s population is expected to double, from 3647 to 7331.
Mr Devine said the company aimed to deliver quality affordable housing within a masterplan community setting.
