Billionaire Developer Behind $318m SEQ Supersite Deal

Singaporean billionaire Chua Thian Poh’s Ho Bee Land has sealed one of South-East Queensland’s largest and most significant approved englobo land deals.

Through its Australian arm, HB Land, it has acquired a 181ha supersite—with capacity for up to 1400 residential lots—within a major growth belt for $318.5 million.

The development-ready holding at Elimbah, a key area for residential expansion within the Moreton Bay Region, was offloaded by Melbourne-based Goldfields.

According to a statement, HB Land intends to deliver the project in accordance with its existing approvals.

About 54km north of the Brisbane CBD,  the supersite sits at the intersection of Pumicestone and Clinker roads, and has been sold with preliminary approval for a masterplanned community.

Development approval is in place for the first 288 residential lots.

“HB Land has a clear strategy to move quickly,” Ray White Special Projects’ Tony Williams said. “Works will commence as soon as practicable to deliver much-needed housing and employment land to the market.”

Williams as well as Ray White Special Projects Queensland colleagues Mark Creevey and Matthew Fritzsche, together with Cushman and Wakefield’s Morgan Ruig and Mitch Taulelei, managed the expressions-of-interest campaign.

He said the residential scale, approvals and infrastructure delivery were key drivers of the 261 inquiries and 16 formal offers put on the negotiating table. 

“With approvals already secured for the initial stages and the ability to ultimately deliver up to 1400 homes, the project is exceptionally well positioned to address ongoing housing demand in one of south-east Queensland’s strongest growth corridors,” Williams said.

“Importantly, the seller’s commitment to deliver major external trunk infrastructure meant buyers could acquire a fully serviced development opportunity significantly reducing delivery risk and accelerating the pathway to bringing new housing stock to market.”

▲ An aerial view of the 181ha development-ready site at Elimbah, north of Brisbane.

The largely cleared, flat to gently undulating holding incorporates more than 25ha zoned for mixed industry and business land uses—including an approved 4ha service centre site—and a 26.3ha general industrial allocation.

Cushman and Wakefield’s Morgan Ruig said the mixed-use nature of the site attracted interest from residential and industrial development groups, with the ultimate purchaser possessing a strong capability to deliver both.

“Industrial land of this scale, approval status and proximity to the Bruce Highway is exceptionally scarce in the Moreton Bay corridor,” Ruig said.

“The combination of general industrial zoning, MIBA (Mixed Industry Business Area) land and an approved service centre within one integrated estate created a compelling long-term employment and logistics proposition.

“With strong demand fundamentals and limited competing supply, the industrial component was a critical element of the project’s overall value and future success.”

Infrastructure agreements have been executed with both Moreton Bay Regional Council and Unitywater, with the seller to deliver external water, sewer and the Pumicestone Road Phase 1 upgrade. Trunk servicing works are expected to be completed by early 2027.

Last year, Ho Bee Land was engaged in a months-long bidding war for AVJennings, which finally ended with the ASX-listed homebuilder agreeing to a $365-million takeover from US real estate investment manager Proprium Capital Partners through its local arm, Avid Property Group.

Proprium’s successful bid came after Ho Bee Land failed to follow through with a binding proposal on its earlier 70¢ a share offer, which would have valued the builder at $391 million.

HB Land has a growing pipeline of residential projects under way or in planning across Queensland and Victoria.