Country Garden Sells Out
First Release of Windermere
Chinese-backed developer Country Garden Australia has sold out the first staged release at its massive “Windermere” estate only three weeks after the opening of the project’s sales gallery.
Country Garden purchased the 363-hectare parcel of land last year for a record $400 million from ASX-listed property minnow Phileo Australia. Phileo paid just $14.5 million for the rural property in November 2004.
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The new masterplanned suburb will eventually hold 5000 homes and be home to 17,500 residents.
With prices starting at $254,500, the public interest in Windermere has been significant, according to Dr Guotao Hu chief executive of Country Garden Australia.
“Over 2,000 people have registered their interest in Windermere since April, so we were expecting this to translate into strong sales, and to sell out this quickly is a testament to the strength of our vision for Windermere,” Hu said.
Paul Ciprian project director at sales agents Oliver Hume said that sales had been strong with the first home buyer market, with many younger buyers looking to secure an affordable block on which to build their first home.
“This just goes to show the strength of the demand for new land releases in and around Melbourne,” Ciprian said.
“With amenities including four proposed schools, as well as a community centre, indoor recreation centre, childcare facility and sporting ovals for AFL and cricket, plus netball courts, Windermere is designed for people seeking an active and engaged lifestyle.”
The masterplanned community will include a mix of medium-density homes, approximately 5,000sq m of commercial office space, 6,000sq m of retail space, two public primary schools, one public secondary school and a private secondary school.