A new master planned residential development is soon to launch in Narangba, north of Brisbane.
The site is being developed through a joint venture between Pointcorp and the Dahua Group. The lots will be delivered in ten stages and once complete, will provide 467 house and land packages — with an expected end value of $222 million.
Pointcorp diversified into house and land packages last year launching their first first land project — a 344-lot land division — in Coomera on the Gold Coast.
Last week, Queensland Acting Premier and Treasurer Curtis Pitt visited the master planned site in Narangba.
Pitt said the Moreton Bay Regional Council was the fastest growing municipality in Queensland and one of the fastest growing regions in Australia.
“It’s forecast to grow in population by more than 40 per cent over the next 20 years and there are plans in place for a range of residential housing for growing communities to call home,” Pitt said.
All house and land packages at Amity will qualify for the $20,000 Queensland first home owner’s grant.
“The grant can be applied to newly constructed homes up to $750,000 and not only help Queenslanders into their own home, but also supports jobs in our building industry,” Pitt said.
Pointcorp’s Chris Vitale said the company acquired the land in January 2016 in partnership with Dahua.
“We’re designing a one-of-a-kind community not seen before, and our partnership with leading global developer Dahua Group will ensure we develop [a] wide range of affordable housing product,” Vitale said.
Amity’s future contribution to the region’s housing stock supply allowed Dahua to qualify for relief from additional foreign acquirer duty (AFAD). AFAD was introduced to ensure foreign acquirers of residential property who benefit from government services and infrastructure also contribute to their delivery, the same as local buyers.
“We welcome mutually beneficial foreign investment and by maintaining sufficient flexibility when it comes to the additional duty charged to foreign entities,” Pitt said.
Amity will launch to the public in October. The first stage of the community comprises 93 house and land packages ranging in price from $398,000 to $600,000.