Developer SIG Group has acquired a 162-hectare housing development site in Melbourne’s western suburb of Tarneit, growing its presence in one of the city’s major growth areas.
The project is expected to add another 2,300 housing lots to Wyndham’s booming growth corridor.
The deal comes after SIG’s recent purchase of a 56-hectare site on Derrimut Road in Tarneit.
The developer is betting on the predicted population boom in the west, with Tarneit forecast to grow by 229.5% over the next 20 years.
“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,” said SIG Group Director Hugh Lu.
The new estate will benefit from the proposed Sayers Road train station, with the State Government set to fast-track construction to service the future $150 million Wyndham City Stadium and growing suburb.
“The future Sayers Road train station means residents will be highly connected to Melbourne’s CBD, while being walking distance to the major activity centre of the Wyndham City Stadium,” said Lu.
SIG’s recently acquired Derrimut Road site is set to become a master-planned community, known as Harlow.
The Harlow community will comprise of around 600 lots and more than 10ha dedicated to a future sports reserve, waterways and wetlands and a local park.
Al-Taqwa College will retain more than 12ha to develop a new campus, while the Islamic-schools’ Truganina campus is nearby.
Recent development sales include National Pacific Properties’ sale of a town centre development site in Melbourne’s outer suburbs for $67.65 million and Mirvac’s purchase of an 80ha parcel of zoned land in Cobbitty, NSW.
Peet took full ownership of its Flagstone City project in Brisbane’s southeast growth corridor after acquiring Spirit Super’s 50% stake for $46.15 million, in addition to its recent purchase of about 15 hectares of land in Belconnen in the ACT for circa $67 million.