VILLA WORLD PLANS NEW DEVELOPMENT

VILLA WORLD PLANS NEW DEVELOPMENT

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.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Board exodus gathers pace at The Star after O’Neill resigns as chairman

Board exodus gathers pace at The Star after O’Neill resigns as chairman

The Star Entertainment Group (ASX: SGR) is now on the hunt for a ne...

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths (ASX: WOW) is looking to enhance its online marketplace ...

SNL’s Pete Davidson to star in QLD feature film ‘Wizards!’

SNL’s Pete Davidson to star in QLD feature film ‘Wizards!’

The Australian screen sector has bagged two major wins today, with ...

Scrap metal recycler Sims picks up Brisbane port site for $88 million

Scrap metal recycler Sims picks up Brisbane port site for $88 million

In order to acquire one of the few remaining Brisbane sites with de...