This article is from the Australian Property Journal archive
CHINESE developer Dahua Group has expanded its Melbourne footprint with the acquisition of the 191-hectare Riverhills Estate in Wollert, months after it bought two sites in the northern growth suburb with a combined potential for 1,400 land lots.
The purchase also comes shortly after Melbourne-based developer Zeng Xiong Lin bought the 600-hectare Deloraine farm further north, at 500 Old Hume Highway in Beveridge, for around $200 million.
Riverhills Estate at 90 Bindt Road offers around 50 hectares of developable land. Dahua’s has earmarked its recently-purchased 113 hectares in Wollert for a residential project with an end value of up to $500 million.
That site comprises two landholdings of 56.44 hectares and 57.16 hectares respectively, believed to traded at around $70 million.
Dahua paid a mammoth $360 million for three sites in the western growth suburb of Point Cook late in 2016, which at the time was a record Melbourne land sale amount before China’s third largest developer, Country Garden, purchased a 363-hectare Wyndham site for $400 million in July.
Deloraine in Beveridge was bought by Akron Property Group – a subsidiary of Zeng Xiong Lin’s Redrock Plumpton No.2 Pty Ltd – from the Laffan family, which had paid £82,000 for the farm at auction in 1964.
It has future potential for 6,000 new dwellings.
Also this week, Sydney-based Goldate Group, headed by Kim Ni, paid farmers $200 million for the 92-hectare 2125 Thompsons Road site in Melbourne’s south-eastern suburb of Clyde North, which could offer 1,300-lot subdivision.
Australian Property Journal
