AustraLand buys land parcel in Northshore Hamilton in Queensland

CapitaLand’s Australian unit, AustraLand, has bought a 1.8 hectare fully serviced land parcel at the Northshore Hamilton site, fronting the Brisbane River in Queensland, Australia.

The purchase price will be a combination of an upfront payment of US$11.1 million and a share of revenues through the life of the project.

The acquisition price is conditional upon various approvals which are expected to be achieved by late 2010.

The site is zoned residential and will initially deliver around 150 homes with profit contribution expected from financial year 2012.

Australand has also secured options to acquire the remaining 4.5 hectares of the site, in stages, which have the potential to deliver a further 850 homes.

Construction is expected to start in 2011 with a marketing campaign for the first stage of the project due to commence in September this year.

Source : Channel NewsAsia – 14 Apr 2010

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