Developer Aspen Group says it is ready to commence development of its latest residential land syndicate, the Enclave at St Leonards, after it received bank approval for borrowing facilities.
The approval follows Aspen recently confirming the minimum subscription had been received for Enclave, satisfying the two offer conditions required for the development to proceed.
Aspen announced January 11 it has successfully raised the minimum $8 million required to commence the project.
"We have enjoyed strong investor support achieving the offer conditions for Enclave over a comparatively short period of time," Mr Lewis said.
"We also feel this is a positive reflection on the Enclave's key points of difference, in that it will be completed over just two years and offers an attractive 18% per annum target internal rate of return to investors."
Construction of the 181 residential blocks is expected to commence in line with the original timetable, in March 2011.
Aspen said it was currently taking applications to raise a further $3.5 million in capital for the Enclave, and that offer will close February 25.
