ASX-LISTED residential developer Villa World has signalled its confidence in South-East Queensland’s booming Logan City with the rollout of a $1.3 billion project pipeline across the sprawling region.
Buoyed by its ongoing success on Brisbane’s northside and bayside areas, Villa World has pushed the button on its Logan strategy with its first foray, the 726-lot Killara masterplanned community, already the fastest selling project in the company’s portfolio.
Just months after launching Killara, in Logan Reserve, the company is poised to unveil another two masterplanned communities in Logan, including its largest-ever Queensland development comprising 1502 lots.
Villa World CEO and managing director Craig Treasure said Logan City had emerged as a strategic, affordable and sought-after location in South-East Queensland’s powering property market.
“The scale of growth experienced throughout the south-east region has positioned Logan as a strategic market supported by employment hubs in Brisbane to the north and Ipswich to the west,” Mr Treasure said.
“Vastly improved transport infrastructure, the growth of urban centres such as Greater Springfield in Ipswich, as well as the rising industrial employment base of the northern Gold Coast, have been a key part of the transformation occurring at Logan.
“It also offers an affordable housing destination at a time when Brisbane housing prices are surging beyond the reach of first home buyers in particular.
“Demand is strong and that is something we’ve already experienced at Killara where our lots are priced from $181,000.”
Wedged between the Gold Coast, Brisbane and Ipswich, Logan is made up of almost 70 suburbs and is Australia’s seventh largest local government area by population at around 310,000 residents.
With an annual growth rate of 2 per cent, Logan’s population is tipped to reach almost 500,000 people by 2031.
It has proven to be fertile ground for Villa Word’s Killara community, where more than 140 lots have sold since its launch to the market in November last year.
This has given impetus to the developer’s forthcoming Logan projects, the flagship 1502-lot Covella and 300-lot Chambers Ridge, both due for launch within weeks.
Villa World will deliver Covella, at Greenbank, in a joint venture with Greenfields Development Company, headed by Tony and Ron Perich, after buying the 153-hectare site for $55 million in September last year.
Bushland-fringed Covella will eventually be home to 4000 residents and will offer a wide array of housing and lifestyle options with its lots ranging from 300sqm to 2000sqm.
Covella’s residents will be adjacent to Greenbank Shopping Centre, just 12 minutes from Greater Springfield, 14 minutes to Grand Plaza Shopping precinct and have easy access to major arterial roads such as the Logan and Centenary motorways.
The community will be developed in 27 stages over the next seven years.
Villa World’s Chambers Ridge community at Park Ridge will comprise three and four bedroom turnkey house and land packages, surrounding a central park.
Mr Treasure said the three Logan communities would promote active and healthy lifestyles with the provision of significant green space, parkland and facilities including bike and walking paths, playgrounds and barbecue areas.
“Our vision goes beyond providing housing, it’s about building liveable, connected and attractive communities where families can thrive and feel truly at home,” he said.
“We are thrilled to be bringing that vision to Logan and being an integral part of this region’s incredible growth.”