Villa World to capitalise on $50 million joint venture

A $50 million joint venture acquisition of 153 development-ready hectares in South East Queensland has strengthened the relationship between listed residential property developer Villa World and Sydney's Greenfields Development Company.The site at Greenbank, 34 kilometres south of the Brisbane CBD, has been approved for 1000 residential lots for part of the site.The new joint venture partners will seek approval for 1,500 lots for the full site with home sites ranging from 300 sqm to 2,000+ sqm.Villa World Managing Director and Chief Executive Officer, Craig Treasure, said: “This project is an excellent fit for our strength in delivering a product that offers customers great value within an affordable budget.We are pleased to build our relationship with Greenfields, following on from our development agreement in south west Sydney.The Greenbank site is one of the most substantial residential land parcels in South East Queensland.Logan is one of the largest and fastest growing cities in Australia, and has been identified as one of the Top 10 best locations for property investors seeking capital growth.”Greenfields Chairman, Tony Perich, said:“We are pleased to be diversifying into Queensland in partnership with proven residential developer Villa World. In keeping with our philosophy at Oran Park, Greenbank will be developed into a vibrant community, eventually home to 4,000 residents, living in close proximity to employment, schools, retail and commercial precincts.”The site was purchased from Teviot Downs Estate Pty Ltd through Tony Williams & Mark Creevey from Ray White Special Projects (QLD).