This article is from the Australian Property Journal archive
DEVELOPER SIG Group will build a 2,300-lot housing estate in Melbourne’s Tarneit after buying 162 hectares in the fast-growing western fringe suburb from grain farmers.
The site is within the Oakbank Precinct Structure Plan and next to the $150 million future home stadium of the A-League’s Western United, and was originally put to the market three years ago as a 206-hectare offering with expectations of $200 million.
The site will offer land and townhomes, with premium lots fronting parks and riverfront.
The state government is expected to fast-track construction of the proposed Sayers Road train station nearby to service the stadium and suburb.
SIG Group last year bought a 56-hectare site in the suburb, where 600 lots will be created at the master-planned community known as Harlow. Al-Taqwa College will retain 12-hectare of land for a new campus. A government primary school is also earmarked for the site and a future community facility.
According to the Australian Bureau of Statistics, the population of Tarneit is forecast to increase by 229.5%between 2018 and 2041, with the number of people living in the suburb increasing to 115,763.
Director at SIG Group, Hugh Lu said the new project will provide an unrivaled offering in regards to amenities and green open spaces, with the Werribee River running along the site’s western edge.
“Future residents will have access to state-of-the-art amenities, right on their doorstep, while immersing themselves in nature via purpose-built wetlands and river frontages.
“Tarneit is a rapidly expanding suburb, with the population forecast to grow exponentially over the next 20 years, these two sites collectively will cater to this population boom.”
Construction on Western United’s future home kicked off last year. It will have capacity for up to 15,000 people.
