New Homes

Friday 5 May 2006

Logan City Council has approved Devine's plans for an $18-Million residential estate at 311-329 Chambers Flat Road, Crestmead.

The 4.25-hectare estate, 24km from the Brisbane CBD, will be called 'Parkside'. It will comprise 57 lots, ranging in size from 360sqm to 1,009sqm, with house-and-land packages to start from around $284,900.

"Crestmead is a suburb in great demand, particularly among young families, and it has grown by 20% since 2003," said Paul Nash, Devine's national manager of Housing-and-Land. "'Parkside' will help meet some of this pent-up demand through integrated housing aimed at first and second home buyers."

Research shows that four out of every five households in Crestmead have children, and that one-third of the population is under 15 years old.

"There are 25 primary schools and 10 high schools in the area, a vast array of parkland and even a pony club," said Mr Nash.

"'Parkside' will have tree-lined streets and be an ideal place in which to raise children."

Devine paid $2.8-Million for the site last November and has a proven track record in this part of the South East Corridor, with its neighbouring developments of 'Logan Reserve' at Waterford West and 'Boronia Heights' selling strongly.

Bordered by major roads, the area offers easy access to the Brisbane CBD and the Gold Coast by road, rail and bus, while Logan City has significant employment opportunities with more than 7,000 businesses.

"There is strong demand for new homes which provide value-for-money, and Devine is focused on continuing to provide excellent value with modern family homes in desirable residential developments," said Mr Nash, who pointed out that new homes in Crestmead sold for an average of $332,000 over the last financial year compared to the $319,000 anticipated average at Devine's 'Parkside' development.

"Rents are also increasing steadily in Crestmead, with our research showing gross investment returns of over 5%."

Devine is on a controlled path of sensible acquisition and expansion to becoming a leading developer of master-planned communities. In February the company gained masterplan approval for a $460-Million eco-resort on 148-ha at Currumbin, and last month it acquired sites at Redbank Plains and Morayfield.

Devine is growing its development portfolio nationally towards $2-billion in finished value of active projects, including 11 housing estates in South-East Queensland.

Released by: Devine, 3 Westmoreland Blvd, Springwood, Queensland 4127
Contacts: Paul Nash, National GM Housing & Land, on (07) 3380 2500, (0439) 730 424
Luke Hartman, National Acquisitions Manager, on (07) 3380 2488, 0437 633 775

Prepared by: Barry Hyland, PR Plus, Level 1, 272 Pacific Highway, Crows Nest 2065;
Ph: (02) 9439 9191, (0412) 354 992; Email: pluspr@ozemail.com.au