This article is from the Australian Property Journal archive
CHINESE property giant Country Garden has unveiled plans for a 12,500-resident community on the 363-hectare Wyndham site on Melbourne’s south-western fringe, which it paid a record $400 million for last year.
The Windermere project on Greens Rd Mambourin has approval for 4,500 house lots, and will include a mix of conventional, terrace and medium-density home sites, around 5,000sqm of commercial office space, 6,000sqm of retail and hospitality offerings, two public primary schools, one public secondary school, plans for an additional private school in future.
Country Garden secured the site in July from Malaysian-backed Phileo which had paid $14.5 million for the cattle grazing property in 2004. The site’s book value had jumped from around $45.4 million to $120 million with the stroke of a pen in early 2016, when Victorian Planning Minister Richard Wynne approved the Black Forest North Precinct, effectively rezoning the site from rural to residential.
The new development will also include community centres, indoor recreation centres, a childcare facility and swim school, while sporting ovals for Australian Rules, cricket, and netball and tennis courts are currently being negotiated with the City of Wyndham. There will be walking paths across the 50 hectares of open space, including parklands.
“We will create a tranquil environment, with four hectares of stunning wetlands to be admired from a viewing platform with an abundance of native plants to attract local birdlife,” Dr Guotao Hu, chief executive officer of Country Garden Australia said.
“Windermere’s village hub, which will include a supermarket and a boutique range of speciality and convenience shopping, will provide for our residents’ everyday needs. A planned community centre will also bring locals of all ages together to connect in an engaging and harmonious environment,” Guotao said.
The Wyndham Vale train station will provide connection to the CBD in 33 minutes during peak hour. Expressions of interest are now being received on the first release, which comprises 47 land lots ranging in size from 350sqm to 723sqm.
The region has seen a number of major land deals take place over the past two years. China’s New Skypaid around $60 million for a 64-hectare site in Tarneit with approval for 800 lots. Central Equity paid $180 million for a 184-hectare site on Sayers Road in the same suburb, after the private deal acquired the initial 105 hectares of the site for $98 million in 2016. Around the same time, Growland acquired a 62-hectare site at 1030 Dohertys Road for more than $70 million, which it has plans for 900 lots.
At the end of 2016, Dahua Group paid $360 million for three sites in Point Cook, while a private family sold off their 115-hectare Wyndham Vale sheep farm to Singapore’s Frasers Property for $95 million, which the group intended to use for a $440 million mixed-use community. Further south-west, a Chinese-backed developer acquired a circa-80 hectare Lara land parcel with potential for 909 lots for around $25 million.
Australian Property Journal
