Chinese real estate giant Dahua Group is poised to spend a whopping $360 million snapping up three residential development sites in Melbourne’s west, in one of the biggest house-and-land plays in the city’s history.
The three sites on Aviation Road, Point Cook Road and Hacketts Road in Point Cook in the Wyndham growth area offer the potential for more than 3000 housing lots to be developed in one of Melbourne’s most sought-after new housing suburbs.
Shanghai-based Dahua is chaired by self-made real estate mogul Jin Huiming and family, with Forbes estimating their wealth at US$1.1 billion ($1.4 billion). The company has been developing housing estates in China since 1988 and ventured into Australia in 2014.
Its local subsidiary, Dahua Australia, already has half a dozen residential projects under way spread across Sydney and Melbourne. In July, Dahua commenced construction of its first master-planned Sydney residential community, the $1 billion New Breeze estate in Edmondson Park.
In the biggest of the three Melbourne deals, worth close to $200 million, Dahua has entered into a conditional contract with private landowners to acquire 50A Hacketts Road, a 103-hectare site with the potential for 1800 lots.