Property developer Lotus Living is believed to have rejected a A$500 million bid for the 482-hectare Jubilee Estate in Melbourne's Wyndham Vale suburb, which is being developed into a A$3 billion housing scheme, The Australian Financial Review reported.
The rejected bid is the latest offer for the property to be turned down by Lotus Living, which is expecting to reap more than A$600 million for the site, reflecting a A$1.25 million per-hectare valuation, the report noted.
Chinese developers New Sky and Dahua Group were both floated as interested buyers of the property. A New Sky spokesperson denied the claim, while a spokesperson for Dahua Managing Director William Huang told the paper that the executive declined to comment on the matter.
In 2017, Hong Kong-listed developer Country Garden Holdings Co. Ltd.'s offer to buy the estate for A$395 million was also rejected, according to the March 15 report. Country Garden's Country Garden Mambourin Pty. Ltd. unit was the successful buyer of the Black Forest Road residential site from Phileo Australia Ltd. The Black Forest Road land sits near the Jubilee Estate.
Daniel Smith, the project director for the estate, confirmed with the paper the receipt of bids for the site that could yield 7,000 homes for 20,000 people, the AFR added.
