China’s biggest private developer offloads Windermere estate in Melbourne to Frasers for around $250 million as the company moves closer to leaving Australia.
Broke Chinese housing giant Country Garden has moved closer to an exit from Australia after selling its huge Melbourne estate Windermere to Singapore’s Frasers Property.While pricing remains confidential, sources close to the Windermere deal indicated it sold for close to the $250 million speculated when it came onto the market three months ago.
Country Garden’s retreat has provided an opportunity for another real estate multinational, Singapore’s Frasers Property, to snap up two parcels of Windermere land spanning 170ha that could yield 2200 more residential lots with an end value of about $800 million.The acquisition bolts onto an already substantial housing development business operated by local subsidiary Frasers Property Australia that includes greenfield estates, apartments and build-to-rent.
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