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FCL's Australian arm buys S$270m south-east Queensland site

REAL estate developer Frasers Centrepoint Ltd's (FCL) Australian unit has bought a 135ha site in south-east Queensland that has an "end value of S$270 million", the group said in a Singapore Exchange filing on Thursday morning.

Frasers Property Australia acquired the site at Bahrs Scrub, halfway between Brisbane and the Gold Coast, from Australian property group Stockland with planning approval and an infrastructure agreement in place for the core land, FCL said in its statement.

It said the masterplan provides for 1,350 detached housing lots, which range from 250 sq m to more than 1,000 sq m.

The Bahrs Scrub project is scheduled for a public launch in "spring 2016", FCL said.

Frasers Property Australia comprises the former Australand and FCL's original development business in Australia.

FCL shares rose S$0.04 to S$1.63 on Wednesday.