May 2007
MEDIA RELEASE
EXPRESSION HOMES READY TO ORBIT
MFS Diversified Group's development arm, Villa World, has entered into a joint venture to launch a new housing brand in Victoria.
The Group has joined forces with Orbit Homes and will launch their new brand, Expression Homes, on the balance of land at the Promenade Estate in Doreen later this year.
The Promenade estate will comprise 20 Expression Homes house and land packages featuring four bedrooms, two bathrooms, open plan living areas, heating, double lockup garages, ceilings at 2590mm, with paving, driveways and fully landscaped on lots ranging from 512 to 725m2.
Under the terms of the joint venture, Orbit Homes will be responsible for home construction and the Villa World Limited will undertake sales and marketing.
MFS Diversified Group CEO Mr Brent Hailey said the Group was pleased to announce the Expression Homes joint venture.
"Orbit Homes' experience in the market delivering quality family homes in Victoria and Queensland and Villa World's 20 year history in house and land development will see the marrying of skills to deliver a quality housing product," said Mr Hailey.
"The two companies have had an ongoing relationship since 1996, when Orbit carried out the construction of Villa World's first project in Victoria, Forest Gardens at Forest Hills.
After such a long association, it seemed a very natural progression that the two companies should join forces to take this new initiative forward" he said.
He said building approvals were in place at the Promenade Estate and construction was expected to start in June with the project due to be completed in December 2007.
"This will give us the opportunity to showcase these new homes prior to the release of our adjacent 20-hectare Ashley Park site.
"The City of Whittlesea, 27km north east of Melbourne's CBD is experiencing rapid growth with a population of 130,000 projected to grow to 196,000 by 2031 based on Department of Sustainability and Environment projections.
"It has freeway access to airports, the City, industrial and commercial hubs and a range of education, recreation and shopping facilities within a 10km radius. There is also a planned primary school to be built on the adjoining site and the future Mernda Town Centre is only 1.5km away," said Mr Hailey.
The group now has significant holdings in Melbourne with Cascades on Clyde near Berwick set to deliver about 1000 allotments, 2900 allotments at the master-planned community of Eynesbury at Melton, being undertaken under a joint venture arrangement, and over 650 allotments at Ashley Park plus two other smaller projects at Doreen and Wollert which will, all combined, yield a total of more than 4800 lots.
"In July 2006, we announced our intention to become serious players in the Victorian market and we are on the way to achieving this and expect to continue to increase our holdings with a number of further acquisitions currently under consideration," explained Mr Hailey.
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