Frasers Centrepoint, via its Australian unit Frasers Property Australia, has acquired a 135ha site in South East Queensland with an end value of S$270 million.
Located at Bahrs Scrub near Beenleigh, half way between Brisbane and the Gold Coast, the site will provide affordable and much-needed housing in the Logan growth corridor.
In a statement, Frasers noted that the “master-planned Bahrs Scrub site – which has not yet been named – provides for 1,350 detached housing lots which will become home to more than 3,000 residents, with natural waterway corridors and an abundance of green space providing panoramic views of the region.”
There will also be a retail hub measuring around 6,000 to 7,000 sqm and various recreational green spaces.
“Our decision to further invest in the Logan community aligns with Frasers Property’s broader strategy for growth and underlines our commitment to South East Queensland,” said Anthony Boyd, Executive General Manager Residential, Frasers Property Australia.
“A site of this scale in such a central location is a rarity. The site also has development approval in place, allowing for the project to be brought to market in Spring 2016.”
Meanwhile, Logan City Mayor Pam Parker noted that Frasers Property Australia’s decision to invest further in the city will encourage future development and improve the area’s appeal to visitors, residents and the wider community.
“This development will offer a range of affordable living options and will build on existing amenities with more community facilities and recreational venues. It will also provide more strength to the City of Logan’s economy which is currently unmatched for growth opportunity in Australia,” she added.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
