Viento's WA properties on track

The recovery in the state's housing market is expected to boost sales of Viento Group's property developments in Southern River and Henley Brook, which hold a combined 855 lots.

The Melbourne-based company said today that pre-sales had been secured for 22 lots for the Southern River Syndicate, after having opened last month.

The syndicate, called "Riverbank at Southern River", can ultimately host 330 lots.

Viento executive chairman Robert Nichevich said nine lots at Southern River had been sold to four building companies for a display centre.

Finance has been granted by National Australia Bank for the first two stages of the development.

Meantime, Viento said it is applying for development financing for the Henley Brook Syndicate and pre-sales will start shortly.

"Demand for land in the Swan Valley area of Western Australia is still strong. Two projects nearby sold their stage one releases in timeframes of less than three months," Mr Nichevich said.

Development of the Henley Brook syndicate is expected to start at the end of this quarter with first settlements expected in the third quarter.