Hundreds of houses and a new school could be built on a 33.41 hectare site in Truganina, after the site was sold by Al-Taqwa College.
The school recently sold the vacant land at 680 Derrimut Road for $58 million.
A statement released by property sales and research group RPM Real Estate said Al-Taqwa College would retain 12 hectares of the site under contract, to develop a new campus.
SIG Group has entered into an agreement to purchase the Truganina site, with plans to construct about 550 residential lots there.
A government school has also been earmarked for development.
The Derrimut Road site had been on the market since 2019.
The RPM statement said the property was “of great interest to some of the country’s largest developers”.
RPM director Christian Ranieri said developers were now venturing further out into the fringes of cities, where prices were often cheaper compared to “traditional land corridors”.
Al-Taqwa College operates three campuses, its main campus in Truganina, a horticultural studies campus in Tarneit and a sister college in Indonesia, Al-Taqwa Sentul College.
The school also operates a camp in Bairnsdale called Camp Coorong.
