Melbourne-based residential property developer ID_Land has announced the launch of a $300 million master-planned community on Dohertys Road, Truganina, off the back of the State Planning Minister’s approval of the new Truganina Precinct Structure Plan last week.
Titled ‘Elements’, the project is set to encompass a mix of business and residential zones, employment precincts, several schools, community facilities, open space and the regeneration of two existing waterways to create over 14 hectares of passive wetlands.
Two hectares are set to be dedicated to active parks and three point five hectares for a Neighbourhood Activity Centre, which will be useful for the 4,000 residents that are to be housed over the next 10 years.
As well as lying directly opposite the proposed Truganina Train Station and within 1.2 kilometres of the new Tarneit Train Station, the site is located 22 kilometres from the CBD and is set to become the closest new master-planned community to the city.
The project, a joint venture with the publicly listed Folkestone Limited, is one of four new projects ID_Land would launch in Melbourne this financial year, and represents ID_Land’s largest land project to-date. Founded just six years ago in the midst of the Global Financial Crisis, ID_Land currently has 3,500 lots in the development pipeline and has a keen focus on Melbourne’s growth markets.
ID_Land joint managing director, Matthew Belford said that “Elements will provide an innovative lot mix ranging from traditional home-sites and small-lot blocks through to medium density sites and terrace homes, to ensure we can cater for the full spectrum of the local market.”
With the Truganina Structure Plan now approved, ID_Land are looking to launch the project to the market in November.
