Frasers Centrepoint acquires land parcel in Melbourne suburb for S$466 mil mixed-use development

SINGAPORE (Oct 25): Frasers Property Australia, a unit of Frasers Centrepoint Ltd, has secured 974 Black Forest Road — a 115ha land parcel in Wyndham Vale, a suburb of Melbourne, Victoria, Australia — for an undisclosed sum.

In a Tuesday statement, Frasers Property says the deal is one of the largest site acquisitions in Melbourne in recent years, and that it will work closely with Wyndham City Council throughout the long term project.

The land will be used to develop an A$440 million (RM1.4 billion) mixed-used community with around 1,200 residential lots covering 69.4 hectares, and associated amenities including over 20,000 sq m of retail facilities focused on local needs.

Specifically, 8.3ha will be allocated to education or community use with a further 8.3ha for retail, while 14.8ha will be dedicated to mixed-use commercial/employment purposes.

“This strategic acquisition is ideally located in one of the highest volume residential trading corridors not only in Victoria but Australia,” says Anthony Boyd, executive general manager (residential) for Frasers Property Australia.

“Ultimately, more than 3,300 people will call this new community home over the next eight years and we’ll be using our expertise in developing sustainable mixed-use communities to leave a positive legacy in the area well beyond that,” he adds.  

To Peri Macdonald, executive general manager (retail) for Frasers Property Australia, the Wyndham Vale development represents a “prime opportunity to create a shopping precinct… in a growing catchment, with a tenant and amenity mix designed specifically to meet the needs of residents”.

With an approved Precinct Structure Plan in place, the first lots at Wyndham Vale are expected to be offered to the public from early 2018.

Shares of Frasers Centrepoint closed 0.99% lower at S$1.50. — theedgemarkets.com.sg