Builder Developer Villa World which has been on the acquisition trail for some time has settled the purchase of a Burleigh Waters Site bought in February for $5.83 million.

The 5.15 ha holding is off Bermuda St and is earmarked by the company for a 110 home estate.

The land has been acquired from Stockland Group and borders the Burleigh home space homemaker centre, which was developed by Stockland and opened for business last November. Construction of homes is expected to begin in the second half of 2006. At Mudgereebah, Villa World holds a 22.59ha holding on Tolga Road, bought last November for $4.16 million, which will be developed as a 121-lot subdivision. Home sites are scheduled to be released for sale in the first half of next year.

In the past few months, Villa World has outlaid about $30 million to buy development sites at Redland Bay, Mango Hill and Wakerley in Brisbane. The company has approvals in place for two of the three sites. The 4.8ha Redland bay property is earmarked for 59-lot subdivision and the Mango Hill site for a 27-lot project.Home sites in both developments will be marketed as house and land packages. The Wakerley site, of 78 ha, is earmarked for a 78-lot mixed housing project.

The latest acquisitions come in the wake of Villa World selling out several Brisbane projects. Cosmopolitan, a 31 home development at Robertson, the 276-home Brooklyn Park at Griffin; and the 231-home North Point, at Bracken Ridge.Villa World chief executive Brent Hailey said the company is keen to acquire additional sites, preferably holdings that can accommodate upwards of 25 homes.

Copyright: The Weekend Bulletin 2005.

Source: The Weekend Bulletin, FRI 16 SEPT 2005.