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Stockland is quietly shopping around one of its best-selling Melbourne residential estates, as it comes under pressure to improve its balance sheet amid the housing slowdown.

Stockland’s $700 million The Grove Estate in Tarneit in the city’s west is up for sale to a select group of buyers for a price understood to be between $150 million to $170 million.

Almost 1300 lots in the estate have been sold since launch in 2014 with more than two-thirds of these settled.

According to an information memorandum seen by The Australian Financial Review, the balance of the estate – a 167-hectare property – is being offered for sale by “invitation only tender” closing on November 15.

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