Country Garden Australia acquires 4000-home project in Melbourne's Wyndham Vale
Country Garden Australia, the Australian arm of Hong Kong-listed Country Garden Holdings Co Ltd, has announced its first Victorian development project in Wyndham Vale.
The 353-hectare project, located about 36 km south-west of Melbourne, will comprise more than 4,000 homes on completion.
CGA managing director Guotao Hu said the strategic acquisition represented the company’s long-term commitment to the Australian market.
“We are excited at the prospect of delivering our first major greenfield community in Australia and we remain committed to developing high-quality housing for all Australians,” Hu said.
Established in 1992, the parent company has a market capitalisation of nearly $30 billion and has built homes for over three million people across 400 cities globally.
The company entered the Australian market in 2014 and is currently delivering a major residential mixed-use community, Ryde Garden (pictured above), 15 kilometres north west of the Sydney CBD that consists of 830 apartments.
Last year, it acquired a 10-house site amalgamation in St Leonards South for about $45 million under a put and call option.