Developer Aqualand has appeared to be paving its way into house and land development with the acquisition of a development approved 12.5-hectare land lot at 64 Mackillop Drive, Baulkham Hills, in Sydney's north-west for the religious group, the Sisters of St Joseph, according to The Australian Financial Review.
The 30.91 hectare land parcel was acquired for "close to $90 million," according to the AFR.
The land is DA approved for 71 large residential lots (779sqm* average) and 75 medium density lots, and marketed as an "opportunity to create an exclusive residential community," according to marketing collateral.
Hillsong Church is located close to the site.
In 2011, a proposal was lodged at the site for a concept masterplan and staged residential subdivision to permit development of 42 apartments, 69 small lot homes, 7 detached homes and subdivision of 77 residential allotments, 1 community lot, 4 public reserve lots and dedication of public roads.
Aqualand's site is 700 metres from the future Norwest Metro station and next to the Norwest business park.
Aqualand's 27-year-old managing director Mr Jim Lin is the son of chairman Mr Yi Lin.
Aqualand is a subsidiary of the Shanghai-based property developer Shenglong, billed as one of China's top 50 property developers. Yi Lin was ranked as China's 92nd richest person on the 2015 Hurun Rich List with a net worth of $3.3 billion.
Lin's mother, Yunhui Lin, purchased the family home in 2010 in Waverton for $8.5 million which set a suburb record that still stands.