Australand, the Australian unit of Southeast Asia’s largest property developer, CapitaLand, has acquired a residential site in Sydney for A$35 million (S$46 million), in a joint venture (JV) deal with a fund managed by LaSalle Investment Management.
“Australand is pleased to have established a quality partnering relationship with LaSalle Investment Management,” said Rod Fehring, Executive General Manager of Australand.
He added that the company has also secured the opportunity to provide well designed, sustainable and contemporary homes in an undersupplied urban area of Sydney.
Located at Clemton Park, the site has masterplan approval for the development of a mixed medium density residential project known as Clemton Park Village. Australand will manage the project, which is to be developed over five years.
The mixed development will comprise 750 residential units, around 9,500 sq m of commercial and retail space, parklands and a childcare centre.
The project will be built within established residential precincts and enjoy close proximity to several retail amenities and public transport.
“We expect the project to benefit from the surrounding infrastructure and established urban precincts which will underpin buyer confidence. This large scale urban infill opportunity increases our exposure to the Sydney market and complements the residential division’s strategic positioning in terms of both its geographic and market segment positioning,” said Mr. Fehring.
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