Stockland Secures New Residential Site Adjoining its Highlands Community in Victoria

Stockland has acquired a 100ha land parcel adjacent to its current Highlands residential community in Craigieburn, Victoria for $45.8 million*.

The site is located 35 kilometres north of the Melbourne CBD and has development potential for approximately 1,200 lots, with settlements expected to commence from FY13. It brings the total number of lots remaining at Stockland's Highlands project to approximately 5000.

Stockland CEO Residential, Mark Hunter, said the acquisition would give Stockland's Victorian residential business significant further exposure to the popular Hume growth corridor.

"The Victorian market remains a key focus for us, as we continue to extend our market share in key growth corridors.

"We've seen strong interest in our Highlands community since we first took over the project in late 2004 and this transaction will allow us to continue to capitalise on that sales momentum.

"The new site will benefit from the already thriving community at Highlands which includes schools, childcare facilities, a shopping centre and a new retirement village.

Settlement, which is on partially deferred payment terms, is conditional upon rezoning following the adoption of the Hume R2 Precinct Structure Plan (which is expected to occur by September 2010) and Stockland being satisfied with any vegetation offset requirements that may apply to its development of the land.

This is the fifth residential land acquisition Stockland has made to date in the 2010 financial year, bringing its newly acquired lots to approximately 4,700 for the period.

* The price is subject to adjustment pending resolution of the GAIC infrastructure charges currently proposed by the Victorian Government.

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