Perth-based property developer Aspen Group Ltd will aim to develop golf courses within its residential estates through an arrangement with a company owned by professional golfer Adam Scott.
Perth-based property developer Aspen Group Ltd will aim to develop golf courses within its residential estates through an arrangement with Scott Golf Designs.
The golf course design company, Scott Golf Designs, has launched its first development on Aspen's Whitsunday Shores Estate, near Bowen in Queensland.
The full text of a company announcement is pasted below
Aspen Group (ASX: APZ) is pleased to announce that it has entered into an exclusive joint venture agreement with Australia's top ranked professional golfer Adam Scott and his golf course design company Scott Golf Designs ("Scott Group") to develop a series of golf courses within residential estates around Australia.
The joint venture has successfully launched its first such development being the Aspen Whitsunday Shores Estate, just north of Airlie Beach near the town of Bowen, Queensland.
The joint venture brings together two successful yet still emerging talents, an exciting combination with the potential to produce word class living and golfing communities well into the future. Both Aspen and the Scott Group believe their combined expertise will enable them to identify and secure sites ahead of others and take advantage of the growing demand for golf course community living.
Demand for golf course communities is being largely driven by the retiree population seeking a 'sea' or 'tree' change, with the open spaces of a golf course estate making for an attractive living proposition for both golfers and non golfers alike.
The growth in Australia follows a similar experience in the US, where for example over 50% of golf courses in Florida are integrated with residential developments. Research from America has found that golf courses have the potential to add significant value to property located within a 2 km radius.
Aspen Managing Director Angelo Del Borrello said Adam Scott's position as a world class golf professional (currently ranked No. 3 in the world) and the professional design capabilities of Scott Golf Designs managed by Adam's father Philip Scott would contribute significant value to Aspen's future residential projects.
"Aspen's property development success combined with the Scotts' professional golfing profile and credentials will create outstanding opportunities to expand our portfolio through the development of attractive residential estate golfing communities," said Mr Del Borrello.
Adam Scott said that he was looking forward to working alongside Aspen in the creation of world class golfing communities.
"Aspen have an enviable track record in the property industry and have demonstrated to us a commitment to develop quality residential estates which are in keeping with our vision and fundamental to a successful long term arrangement," Mr Scott said.
"Our ambition is to design and build world class championship courses that rank alongside the best in Australia and internationally. The outstanding opportunity to develop these courses in residential estates with a proven quality developer such as Aspen is very compelling," said Mr Scott.
Aspen and Scott Group will both invest in each of the future developments, consistent with Aspen's co-investment strategy within its managed entities.
Each of the new residential estates will be syndicated and offered to professional and/or retail investors through an unlisted funds management vehicle, in line with existing Aspen projects under its "Aspen Living" brand.
Joint Venture Launches with Aspen Whitsunday Shores Estate
Aspen's Whitsunday Shores Estate in Bowen, northern Queensland is the first project to be developed in conjunction with Adam Scott.
The 269 hectare coastal land Estate was acquired by the Aspen Group managed entity Aspen Whitsunday Shores Pty Ltd in December 2006 for $23 million. The Estate's development proposal includes 669 residential lots surrounding an 18 hole championship golf course.
