Frasers Property Australia to acquire Melbourne housing estate for A$202.5m
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FRASERS Property Australia, a division of Singapore-listed Frasers Property, on Thursday exchanged contracts to acquire The Grove housing estate at Tarneit in Melbourne from developer Stockland for A$202.5 million (S$197.1 million).
The purchase is under deferred payment terms with settlement to occur in stages over the next three years.
The Grove is a partially completed community project with about 850 lots already sold and developed. Frasers Property will acquire the balance of the project, which covers 167 hectares and will yield 1,780 residential lots. Of these, about 460 lots have been sold, with revenue of about A$130 million to be received by Frasers Property within 18 months.
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