This article is from the Australian Property Journal archive
VILLA World has posted $57 million in sales over the past year from its Logan development portfolio, as a $1.2 billion infrastructure program in the region spurs further development momentum.
More than 2,500 residential lots will be delivered across ASX-listed developer’s three Logan projects on completion, including the $650 million, 1,500-lot Covella community at Greenbank, which is being undertaken with joint venture partner the Perich family, as well as Killara at Logan Reserve and Chambers Ridge at Park Ridge.
Another listed developer, Peet Limited, is releasing 1,700 more housing lots across stages two to five in the Flagstone project which also includes its third neighbourhood shopping centre, a community centre and main road extension.
Villa World and Peet are among nine developers in the region party to a $1.2 billion deal with the state government and Logan City Council to deliver infrastructure such as roads, water and sewerage facilities, and accelerate further development of the region.
“The Logan market is living up to our expectations as one of the most resilient residential growth corridors in the country,” Villa World’s Queensland development director Peter Johnson said.
“Demand in Logan has not only been driven by high levels of affordability, but also an increase in community amenities and local job opportunities as more and more people move into the area.”
Ahead of shareholders deciding the fate of a $294 million takeover bid from US-managed developer Avid later this year, Villa World posted 47% drop in full-year profit due to the soft housing market, consistent with its own warnings since late in 2018.
Further south, Villa World has nearly sold out its $300 Arundel Springs project on the Gold Coast after more than $53 million in sales over 12 months.
