Residential developer Stockland has commenced construction on the first homes in its $133 million Waterlea development in Melbourne's growing south-east corridor.
The 6.3-hectare project will include a mix of 22 standalone and semi-detached homes, 138 architecturally-designed townhouses and 30 boutique apartments when finished in 2021.
To navigate the slowing property market, the country's largest listed developer has been shifting its residential mix in a return to medium-density housing, with the inclusion of more town homes in its operations.
Stockland development general manager Ben Cantwell says Waterlea is an "exemplar development" demonstrating the full range of design and affordability benefits when building the right level of density.
“This project is aligned with our strategy to diversify our residential product mix, which will see us deliver more than 400 townhomes this year in connected, population growth corridors across the country.”
Waterlea forms part of Stockland's growing medium-density pipeline of more than 3000 townhouses across the country.
Stockland's new community in Rowville also has a bent towards sustainability.
It’s recognised with a 6 Star Green Star communities rating and each home will be designed to achieve a minimum 6 star NatHERS ratings.
Cantwell says every Waterlea home will include sustainability features, including electric vehicle recharge points, gas boosted solar hot water, water tanks for toilet flushing and laundry usage and solar panels.
“We estimate that the solar panel systems alone will save future residents between $1,000 and $2000 in energy costs per annum.”
In NSW, Stockland lodged an application to redevelop Macquarie Technology Park with plans for a $500 million state-of-the-art technology hub in Sydney's Macquarie Park.
Stockland launched sales in Waterlea this year with the first two releases selling out. Townhomes in the Rowville community start from $640,000.