Gold Coast property group MFS Diversified is starting a housing company in Victoria in a joint venture with building contractor Orbit Homes.

The joint-venture company will be named Expression Homes and will be run by the MFS Diversified's developement arm, Villa World.

Land had been sourced for the new venture, including the purchase of 20 lots to build homes on the development, The Promenade at Doreen, in Melbourne.

Building will begin next month and is expected to be finished by December.

Negotiations for other land acquisitions have begun in the area.

Expression Homes would operate under the same model as Villa World where finished homes would be built on a speculative basis, said MFS Diversified.

Orbit Homes is a Victorian-based contract building company that also operates in Queensland and has been ranked among the top 16 largest in both states.

MFS Diversified said that combined, the two companies behind the joint venture had more than 1000 housing starts in 2005-06.

The two companies had worked together for more than 10 years, said MFS Diversified Group chief executive Brent Hailey.

Orbit carried out the construction of Villa World's first Victorian project, Forest Gardens at Forest Hills.

"After such a long association, it seemed a natural progression that the two companies should join forces," said Mr Hailey.

Gold Coast Bulletin
Business Friday, page 100
Friday, June 1, 2007