ID_Land has announced it will build a $120 million estate in Wollert in Melbourne's north in its fourth 50-50 joint venture deal with public company, Folkestone.
The 48-hectare Wollert site, acquired by ID_Land earlier this year, is located within the Wollert Precinct Structure Plan which is slated for Government gazettal in 2016.
The project will encompass over 500 residential blocks on completion.
The announcement follows three previous joint venture partnerships between ID_Land and Folkestone that include the recently completed ‘Potters Grove’ project and adjacent ‘Potters Northside’ development in Officer, as well as the 1600-lot ‘Elements’ masterplanned community in Truganina.
ID_Land has been rapidly building its Melbourne portfolio this year with the company now boasting a total of seven land developments and a Brunswick townhouse project, with a combined pipeline of over 4,000 residential allotments totaling $800m+.