Property developer Cedar Woods is expanding into Queensland with a $68 million residential site in Brisbane.
Cedar Woods wants to build more than 1,000 homes on 227-hectare of former farming land at Upper Kedron, in the city’s northwest, over 10 years.
“As the only remaining large-scale development site in the Brisbane City area, we expect strong demand from a range of buyer segments, and particularly those upgrading to larger and higher-quality homes,” Cedar Woods state manager for Victoria, Nathan Blackburne, said.
It will partly fund the deal with $25 million it raised through an oversubscribed share issue to institutional investors.
The developer is also looking to raise up to $5 million through a shareholder purchase plan for existing investors.
Work on the site is expected to begin in 2015, with first settlements a year later.
The deal marks Cedar Woods’ foray into Queensland, where it is keen to expand.
Its other sites are spread across Western Australia and Victoria.
Cedar Woods shares were seven cents higher at $7.08 at 1325 on Tuesday, after resuming trade a day after entered a trading halt.