Stockland opens the door to $2b Ipswich housing estate
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Stockland has taken over development of one of south-east Queenland’s largest residential estates in a $193 million deal, investing heavily in its expectation of strong housing demand in the Ipswich region.
The 700-hectare Providence estate in the Ripley Valley has had 1500 lots developed already with the masterplan proposing a further 6,000, enough capacity for another $2 billion in lot sales over the next 20 years.
Stockland chief executive for communities, Andrew Whitson expects the record-low interest rate environment to underpin demand for the residential market over the medium term.
“This acquisition aligns with our strategy to restock our development pipeline with well located, market-ready projects in areas with strong demand fundamentals and expected total returns above our hurdle rates,” he said.