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VILLA World Limited (ASX: VWL) today announced plans to undertake a $46 million bayside residential development south of Brisbane.
The company has entered an unconditional contract through its subsidiary, Villa World Developments, for the purchase of the site, at Thornlands near Cleveland.
The acquisition, which is scheduled to settled on December 20, bolsters the Gold Coast-based company’s development pipeline.
VLW intends to build homes from under $400,000 on 98 lots of sizes between 300sqm and 1600sqm and the first homes are expected to be complete by the end of next year.
Craig Treasure, Managing Director of Villa World says the acquisition is the first of a number of new ventures for the company.
“This venture is expected to deliver profit in 2014 strengthening the forward forecasts of the Group,” he says.
VWL share price was unchanged this afternoon at $0.735 per unit.
The property holds an existing development approval and is located in near six schools, hospitals, shopping and public transport within five kilometers of the site.
VWL has build more than 16,000 homes over the past 25 years.
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