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Frasers Centrepoint unit, partners to develop A$2.2B community in Sydney

Australia's New South Wales government appointed the Aspire consortium, comprising Frasers Centrepoint Ltd.'s Frasers Property Australia, Citta Property Group and Mission Australia Housing, to develop its Ivanhoe estate in Macquarie Park, Sydney, into a roughly A$2.2 billion mixed-tenure community.

Under the project development agreement, the partners will transform the 8.2-hectare estate into more than 3,000 new dwellings, with green spaces and access to infrastructure, transport, services and jobs. Private housing will be integrated with at least 950 new social housing dwellings and 128 affordable homes, Frasers Property said in a release.

The project will also feature a high school, a residential aged care facility, two child care centers, a supermarket, cafés and retail shops, among other amenities.

Frasers Property Australia and Citta Property Group will design and develop the community, while Mission Australia will be in charge of implementing the social housing model.

As of Aug. 11, US$1 was equivalent to A$1.27.