Country Garden Holdings Co. Ltd. will construct 4,500 homes on a 363-hectare Melbourne land plot it purchased for A$400 million in July 2017 from Phileo Australia, The Urban Developer reported.
The planned Windermere community in the city's new Mambourin suburb will consist of medium-density homes, an estimated 5,000 square meters of commercial office area, 6,000 square meters of retail space, three public schools and one private educational institution, according to the May 31 report.
Additionally, 50 hectares of space will be designated as green recreational area, containing three kilometers of pedestrian pathways.
The homes in the community, the Chinese developer's first in the Australian state of Victoria, will be able to accommodate 12,500 new residents. Once the project is delivered, the development is expected to carry an end value of approximately A$1.9 billion, the report added.
The plot had an initial book value of A$120 million as at May 2016, but its value shot up after the Victorian state government rezoned the site for residential development.
