Lend Lease Corp, Australia’s biggest property developer, will create a A$4 billion (S$5 billion) community near Townsville in Queensland, the nation’s fastest-growing state.
A deal with the owners of the site at Rocky Springs will include the development of about 15,000 residential lots as well as shops, schools and parklands, Sydney-based Lend Lease said in a statement. The value given refers to the estimated development value of the project, a spokesman said.
The site is considered a future growth area for Townsville and may house about 55,000 people in the long term, according to Lend Lease’s statement.
Source: The Business Times, 05 June 2007
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