Satterley Property Group has added a further 44 hectares of land in the southern suburbs to its development portfolio, located just south of its existing Honeywood estate near Wandi.
The group plans to construct around 400 home sites on the land, with development to begin within 18 months.
Satterley chief executive Nigel Satterley said the land would be marketed as an extension to the Honeywood estate.
“We are purchasing this land because good market or slow market, Honeywood since its beginning two years ago has been a consistent sales performer,” Mr Satterley said in a statement.
The acquisition follows Satterley’s moves in Victoria, which saw the company purchase a 2,000-lot parcel near Werribee for $100 million.
Satterley is also in talks with Australand’s largest shareholder, CapitaLand, regarding the acquisition of its residential assets in Western Australia and Victoria.
The group announced earlier this year it was embarking on a $500 million land buying spree in Peth and Melbourne’s main growth corridors.
“The company continues to look for sensible buying opportunities in both states,” the company said.
