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Local developers Andy Zhang and Paul Lin are hoping to flip a site in Melbourne’s north for $200m, having paid just $35m for it five years ago.
The former 45.3ha farm, which can support almost 500 housing lots, was sold by the Verrocchi family to development giant Central Equity.
Melbourne-based Jinding has snapped up two sites in the city’s north for $130m while the Clyde Town Centre site has been bought by Sydney’s Bathla Group.
The traditional 400 square metre housing lot in Melbourne has been replaced by a 350 square metre lot, according to project marketing firm Red23.
The ASX-listed company has bolstered its presence in Melbourne’s southeast with a $70 million deal.