The subsidiary of an overseas property developer is poised to buy a large section of land in Wyndham Vale for $400 million.
Earlier this month, Phileo Australia announced it would sell about 363 hectares of land on Black Forest Road – which has been zoned for residential development – to Country Garden Mambourin Pty Ltd.
The sale will be conditional on Country Garden Mambourin gaining approval for the land acquisition from the Australian Foreign Investment Review Board (FIRB).
Country Garden Mambourin is a subsidiary of the Hong Kong-listed property developer Country Garden Holdings which is mainland China’s third largest developer.
Phileo Australia’s statement said that if the FIRB approved the sale, the $400 million would be paid across four and a half years, with the final settlement in February 2022.
The Wyndham Vale land which is the subject of the potential sale is in the Urban Growth Zone.
Last week, the real estate news website Mingtiandi reported that if the sale went ahead, up to 4000 homes could be built on the land.
Mingtiandi’s article stated that Phileo Australia originally bought the Black Forest Road land for $14.5 million during 2014 and won approval for residential development at the site last year.
