VW to launch new lots

BROADBEACH-BASED developer Villa World has announced a new development in Melbourne’s growing northwestern corridor.

The listed company said this week that it will develop a 273-lot subdivision on a 15ha site in the suburb of Plumpton, where it has previously delivered projects.

Villa World Victoria state manager Andrew Ashwood said the company has seen a strong run of sales in the area since launching the 165-lot Sienna project in 2015.

“We’ve seen consistently strong sales as we opened up Sienna Rise and Sienna North, to be followed by a further 382 house-and-land lots nearby,” Mr Ashwood said.

The latest development will include homesites averaging 400sq m and priced from $325,000.

“We expect this latest land offering will be well received, particularly by families,” he said.

Villa World is also progressing with its joint venture with Ho Bee Land Limited to develop a 15.73ha site located in Wollert, 25km north of Melbourne CBD.

Last month, Villa World said its half-year net profit was $17.3 million, well above its August guidance of between $10 million and $12 million.

The company, headed by managing director Craig Treasure, said it was on track to deliver full-year net profit of $41.6 million.

Mr Treasure said last month that the company’s joint venture strategy would underpin profitability for years to come.

Villa World’s $84 million tieup with Ho Bee in Wollert was a factor behind increased revenue from joint ventures.