Property group Cedar Woods has acquired a 40.5 hectare residential development site in Brabham, in Perth’s north-eastern corridor, for $22.35 million.
Cedar Woods state manager Stuart Duplock said the company was excited to build in the north-east of Perth for the first time.
He said the project would deliver more than 350 lots.
“We foresee the market for this development to be first and second home buyers who are looking for an affordable home in a fast-growing, well-serviced community,” Mr Duplock said.
“We see this acquisition as a good geographical fit for Cedar Woods’ WA portfolio.”
First settlements for the Brabham subdivision are expected in late 2015.
At 12:45PM, WST, Cedar Woods shares were up slightly (0.38 per cent), trading at $5.31.