This article is from the Australian Property Journal archive
ACT Chief Minister Jon Stanhope has unveiled the latest development at Canberra's new suburb Crace which will deliver 1,430 new residential blocks over the next five years.
In addition he added, 15% of will be sold for under $300,000.
“Located just 10 minutes from the city, between Giralang and Palmerston, Crace represents an exciting new area of residential development for the ACT,” Stanhope said. “Crace will provide upwards of 1,430 new homes, including 300 homes for Defence personnel.
“Crace will be a vibrant urban village with shops, cafes, restaurants, community facilities, sporting fields and parks. The parks and open spaces will be sustained through re-use of stormwater run-off,” he added.
Stanhope said Crace’s target market is broad from first home buyers, to families and investors, right through to retirees.
“The ACT Government is committed to increasing the supply of more affordable and appropriate housing for Canberrans and increasing the supply of land into the market is a key part of this commitment,” he added.
Crace is being developed as a joint venture between the Land Development Agency and Crace Developments Pty Ltd, a consortium led by Canberra Investment Corporation Limited (as project manager and majority partner), Defence Housing Australia and PBS Property Group Pty Ltd.
Stanhope said the Crace Estate Development Plan has been approved and new road works have commenced.
The first stage of construction is about to commence, which will deliver an initial 160 blocks ranging from 450 to 760 sqm.
Australian Property Journal
