In a sign of rising confidence in Melbourne's residential land market, Chinese-backed property group Jinding has released its masterplan for a $178 million housing estate in Geelong, set to become home to 1,800 new residents.
The new 94-hectare residential community, dubbed Halcyon at Armstrong Creek, will be jointly managed by Jinding Australia and Perth-based developer Yolk Property Group.
The 659-lot development, located at 2 Harriott Road in Armstrong Creek, will mark the Melbourne-based developer's first project in a regional area.
The move by Jinding bolsters its project pipeline, worth $1.5 billion, consisting of 4,000 residential lots across four estates in Victoria.
Jinding's other housing developments in the Melbourne include 57-hectare residential community dubbed The Patch in the suburb of Wollert, Octave—a 29-hectare estate in Junction Village and a 123-hectare development in Sunbury.
In Victoria, greenfield site sales and development applications have been few and far between over recent months, due to stock overhang driven by speculator-led defaults and a credit squeeze.
Sales and applications are beginning to slowly pick up in line with funding availability and positive sentiment returning to the market.
The region is expected to see an increase in dwelling approvals of 34.2 per cent in an attempt to reignite Melbourne's residential land market, which has seen construction decline dramatically.
“As Geelong is in a period of strong population and economic growth, it’s the perfect time to be launching our project to meet the future needs of the area,” Jinding developments managing director Liz Ronson said.
“Our masterplan at Armstrong Creek will be a vibrant new community for Greater Geelong that focuses on promoting a lifestyle alternative to Melbourne, given its position between both Geelong CBD and the coast.
“We are offering a unique opportunity to live next to the surrounding wetlands while still benefitting from the proximity to already established shopping and education precincts.”
The first release of the project will include 15 lots with construction slated to commence in mid-2020 pending development approval.