CHINA’S third-largest developer Country Garden has settled on the first contract of its record $400 million acquisition of a 363-hectare residential development site in Melbourne’s Wyndham.
Lots 1-5 Black Forest Road in Mambourin, on the south-west metropolitan edge, was acquired from listed group Phileo, which achieved an incredible 2,658% increase on the $14.5 million it paid for the cattle grazing property in 2004.
Early in 2016 the site’s book value jumped from around $45.4 million to $120 million, after Victorian Planning Minister Richard Wynne approved the Black Forest North Precinct, effectively rezoning the site from rural to residential.
Phileo said it has received the balance of $110 million required to settle the first contract of sale, which includes two of the five titles at a total price of $122,222,222. The full amount is payable on a staged basis over four-and-a-half years, with the final settlement scheduled for February 2022.
Hong Kong-listed Country Garden Holdings Co Ltd will hold the property in its Country Garden Mambourin Pty Ltd.
Australian Property Journal
