Stockland secured Australia's Victorian state government's consent on the development of 5,000 new homes within the Mt. Atkinson government residential project in Melbourne.

The state's minister for planning, Richard Wynne, revealed that an investment by Stockland and Mt. Atkinson Holdings through Growth Area Infrastructure Contributions in the project is worth more than A$100 million, following the state government's approval of the precinct structure plan. The capital will assist in the early delivery of infrastructure, including a new train station, bus service and community schools at the proposed community, according to a release.

Meanwhile, Stockland signed on to develop 315 hectares of land within the Mt. Atkinson community, on which it will break ground later in 2017.

The development will entail a variety of housing options with amenities such as schools, child care facilities, a town center, retail elements, an integrated industrial park and business precinct, among others.

As of Aug. 14, US$1 was equivalent to A$1.27.