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CHIWAYLAND International has acquired a 114,270 square metre land parcel in Caddens located in the heart of Penrith in Sydney for A$40 million (S$40.1 million).
The group intends to develop about 400 apartments and 364 townhouses on the plot. This is their seventh property development project since entering the Australian real estate market in 2014.
The project will be carried out in three phases and is slated for completion by 2020. The first phase involves the development of a row of townhouses with the second and third being the development of the apartments.
The total investment for this project is approximately A$320 million and the group expects to launch sales of its townhouses and apartments in the second half of 2017 and 2018, respectively.