Chinese-backed developer Country Garden Australia is celebrating the commencement of construction at its mega 4,700-lot masterplanned development in Victoria, with plans for more projects after snapping up a separate land parcel in Cranbourne East.
Despite “collapsing” sentiment in Victoria’s housing market, Country Garden has increased its investment in Melbourne’s growth corridors, buying an 8-hectare site in Cranbourne East earlier this month.
Country Garden entered into a joint venture with Mercator Developments to develop the land, located at 40 Cameron Street about 50 kilometres’ south-east of Melbourne.
Country Garden Australia chief executive Guotao Hu said that it was an “exciting time” for the developer as it launched its first large-scale house and land project.
“Windermere is our first foray into this asset class in Australia,” Hu said.
“We’re really keen to showcase our unique skill set and expertise in Australia with this scale of project delivery, and the commencement of stage 1 is an important first step.”
Country Garden acquired the 366-hectare Windermere site in a record $400 million deal in 2017. The developer has sold 260 lots to date at Windermere, which has an estimated $1.9 billion end value.
Taking advantage of surging lot prices and the limited supply of new homes in Melbourne’s greenfield market, Country Garden has flagged plans for more residential estate development in Melbourne’s outer suburbs.
Country Garden Victorian general manager Stone Shi said that the Cranbourne East acquisition reinforces the developer’s commitment to Victoria.
Shi added that the region was attractive to Country Garden due to its booming population and the Victorian government’s planned investment in infrastructure.
The project, dubbed “Eastwood”, will offer 124 conventional housing lots ranging between 300-320sq m in size.
The Hong Kong-listed Country Garden entered the Australian market in 2013 with Ryde Garden – a three-building, 830-apartment mixed-use development 15 kilometres north-west of Sydney’s CBD.