VILLA WORLD SNAPS UP GOLD COAST LAND FOR $300M RESIDENTIAL DEVELOPMENT

VILLA WORLD SNAPS UP GOLD COAST LAND FOR $300M RESIDENTIAL DEVELOPMENT
RESIDENTIAL developer Villa World (ASX: VLW) has secured one of the last remaining parcels of Central Gold Coast land for $300 million with plans to build a 400-house development.

The Arundel Springs community is the largest residential development the group has undertaken on the Gold Coast and taps into a growing demand for more homes in the area.

The project is located next to the Coombabah Lakelands Conservation Area and has access to the extended light rail project.

The $300 million investment joins the $180 million already spent by Villa World in this financial year on site acquisitions.

"It's probably the right project at the right time for the Gold Coast, particularly with the level of infrastructure spending currently under way for the Commonwealth Games, including the light rail," says Treasure.

"Arundel Springs underscores the investment Villa World has made in the Queensland residential market in recent years."

Treasure says the first release has been received well, with more than 50 per cent of homes already sold, totalling $8.2 million.

Villa World has already received more than 150 registrations of interest for the second stage of the Arundel Springs project.

Treasure says that for each sale, the company will donate $2,500 to the Gold Coast Hospital Foundation.

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