Shanghai-based developer Dahua (Group) Co. Ltd. is purchasing a 98.4-hectare residential land parcel in the Point Cook region of Melbourne's western suburbs under a A$140 million agreement with Aviation 3030 Pty. Ltd., The Australian Financial Review reported, citing title deeds of the property.

The seller acquired the property at 688 Aviation Rd. for A$7.8 million in 2011. The site, according to the publication, is part of the proposed Aviators Field suburb.

Dahua declined to comment regarding the reported agreement, for which Aviation 3030 was represented by Colliers International agents, the March 18 report added.