SIG Group has launched a major 28.2ha residential project to support the establishment of a new suburb.
The developers said they were focused on “delivering supply to a chronically undersupplied market”.
SIG’s Pakenham East development, 70km southeast of Melbourne, comprises about 530 lots.
It is in the Pakenham East Precinct Structure Plan and sits under the Cardinia Shire Council.
The structure plan was devised to support the growth and housing supply in a new 630ha suburb and is projected to support the development of 7229 homes and supporting infrastructure of parks, schools and community centres.
It was one of six greenfield sites that were fast-tracked by the Victorian Planning Authority in 2021.
Lendlease has also signed on to the Pakenham East project, picking up two rural properties in the area for around $120 million.
SIG said that the decision to venture into Pakenham is a response to the limited supply of projects in the area, with only three others available on the market.
The group wants to address this undersupply by providing an extensive range of housing options to cater to various target audiences, including first-home buyers, upgraders, and investors.
Expressions of interest are due to open in September.
