Point Cook Residential in Demand
Chinese developer Dahua, has extended its residential land bank with a $140 million deal to buy 98 hectares of land in Point Cook in Melbourne's south-west.
The site is within the Melbourne Urban Growth Boundary and the Aviators Field Precinct Structure Plan which is yet to be finalised. The site has a large wetland area to the east of the site which will likely impact on the final lot yield.
The acquisition extends Dahua's control of the precinct having acquired a number of adjoining land parcels in 2016, including;
50A Hacketts Road, a 103-hectare site with the potential for 1800 lots which was acquired on a conditional basis for close to $200m,
a 41-hectare site on Aviation Road acquired for $84 million with a yield of 650 lots and
a nearby site on Point Cook Road for with 650 lots which was acquired for $74 million
The vendor of the latest sale, Aviation 3030 Pty Ltd was placed into provisional liquidation by ASIC in September 2018 for seeking to raise over $10M of capital from over 70 investors without issuing a prospectus.
The director of Aviation 3030 Pty Ltd, Cambodian-born, Hakly Lao, also pursued the development of another land finance project, the VKK Investment Unit Trust, which was found to have incorrectly raised $22 million from 125 investors for a project in Keysborough. That company was also wound up by ASIC in 2018.