Frasers Property Australia said on Thursday that it acquired The Grove, a west Melbourne community, from Stockland for around S$202.5 million, under deferred payment terms over three years.
Around 850 lots at The Grove have already been sold and developed, with Frasers Property to acquire to project balance, which covers 167 hectares and is expected to result in 1,780 residential lots, it said in a filing to SGX on Thursday.
Of those, 460 lots have exchanged, with Frasers Property to receive revenue of around S$130 million within 18 months, it said.
Frasers Property will use the existing masterplan, which includes more than 2,600 homes, a town center retail precinct, proposed primary and secondary schools, a neighborhood activity center, sports areas, community facilities expected to include medical and child care, cycle paths and parklands, the filing said.
The Singapore company will take over the sales and marketing functions on 11 February 2019, it said.
The Grove is located 31 kilometers from Melbourne’s central business district, within the city of Wyndham, it said. Stockland launched the project in 2014 and Frasers Property expects to complete it in 2025, it said.