Ho Bee Land’s subsidiaries, HB QLD and HBL VIC have separately acquired three residential development sites in Australia for an aggregate acquisition price of approximately A$115 million.
HLB VIC has acquired a 45.61 hectare site located in Mickleham, Victoria. The site is located 25km north of the Melbourne CBD within the Craigieburn West Precinct Structure Plan area. Close to the Craigieburn Town Centre, it is well served by schools and train lines and is 10km away from the Melbourne Airport.
The site is expected to yield approximately 609 residential lots, a regional sports field and a government school.
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Meanwhile, HB QLD has acquired a 21.16 hectare site in Park Ridge, Queensland. Located 35km south of the Brisbane CBD, the property directly adjoins regional sporting facilities at Hubner Park. It is well serviced by established commercial nodes at Browns Plains and a major employment center at Crestmead.
The site is expected to yield approximately 284 residential lots and two commercial use parcels totaling 1.49 hectares.
Another site acquired by HB QLD is a 11.36 hectare site in Gympie, Queensland. Located 55km north of Noosa on the Sunshine Coast, the development benefits from existing approvals allowing development works to commence in the near future.
It provides affordable housing options relative to the nearby Sunshine Coast market. The site is expected to yield 133 residential lots.
In a filing to SGX dated Oct 28, Ho Bee Land states that the acquisitions will be funded by the company’s internal funds and bank borrowings.
Ho Bee Land also says the projects are in its “ordinary course of business” and in line with its objectives to focus on developing master-planned communities in Queensland and Victoria.
Shares in Ho Bee Land closed 1 cent lower or 0.35% down at $2.82 on Oct 28.
