Phileo Australia Ltd. settled the first contract of sale for its A$400 million deal with Country Garden Holdings Co. Ltd. unit Country Garden Mambourin Pty. Ltd. for the sale of its residential subdivision site at Black Forest Road in Victoria, Australia.

The parties completed the initial settlement Feb. 15, under which the Hong Kong-listed developer's subsidiary paid the balance of A$110.0 million to settle the A$122.2 million total for two of the five titles. Phileo, which develops and rents properties in Australia, aims to log a profit of approximately A$117.4 million, before tax, from the first settlement of the transaction.

The property in Mambourin will change hands in February 2022, with the total consideration to be paid on a staged basis over a duration of 4.5 years. Country Garden Mambourin will disburse the balance of payments amounting to A$50.0 million for one title and A$200.0 million for the two remaining titles Feb. 17, 2020, and Feb. 15, 2022, respectively.