NSW Government arm UrbanGrowth NSW has sold two land divisions in Sydney's southwest for an estimated $300 million.
As reported in The Australian Financial Review, the land sites have been sold to Shanghai-based Dahua Group, with UrbanGrowth chief executive David Pitchford telling the publication the sale was an important step in UrbanGrowth NSW moving out of residential land subdivision.
The sale could reportedly speed up development of up to 3580 homes across south west Sydney.
"Proceeds from the sale will be largely reinvested into new urban transformation projects, which will drive Sydney's global competitiveness," Mr Pitchford said.
Dahua Australia General Manager, Eric Li, told the AFR that his group was "very excited to have the opportunity to create new residential communities in this fast-growing part of Sydney."Dahua Group was established in 1988, with the group investing in the Australian market since 2014. Dahua has a focus on large scale residential and land subdivisions and mixed-use development projects. Current Australian projects include a 2 ha mixed-use site in Sydney's Waterloo and their 'Sapphire' residential development in Bondi Junction.