Ho Bee Land announced, on Nov 3, that it has acquired a residential development site in Melbourne, Australia for A$142 million ($142.9 million).
The sale and purchase agreement was signed by Ho Bee Land’s wholly-owned subsidiary, HBL VIC.
The site measures 68.52 hectares and is located 22km north of Melbourne’s central business district (CBD) within the Craigieburn West Precinct Structure Plan area.
See: Ho Bee Land acquires three residential development sites in Australia for A$115 million
The site is located within a close range of transport infrastructure, shopping centres and employment nodes.
According to Ho Bee Land, the acquisition presents a major master planned development opportunity within Melbourne’s northern growth corridor.
See also: Send Notif Breaking NewsQA Foreground3
The site is expected to deliver about 1,150 residential lots, parks and wetlands.
The acquisition is said to be in the group’s ordinary course of business, and is in line with its objective to develop master-planned residential communities in Queensland and Victoria.
Shares in Ho Bee Land closed 1 cent lower or 0.35% down at $2.82 on Nov 2.
